Input credit on capital goods
This query is : Resolved
04 March 2013
Dear Experts,
My client has bought capital goods (ceiling machine) on this month. My Q is whether they can claim 50% input credit or 100% input credit? please clarify. Please let me know some more details if wants.
My client has bought capital goods (ceiling machine) on this month. My Q is whether they can claim 50% input credit or 100% input credit? please clarify. Please let me know some more details if wants.
CA. PIYUSH GOEL
(Expert)
04 March 2013
dear haridhayalan...
as per cenvat credit rule in case of capital goods 50% of the cenvat credit is allowed in the year of purchase and 50% is allowed in the next year.
however in case of SSI concerns 100% cenvat is allowed in the year of purchase if the amount of removal of goods exceeds 1.5 crore.
as per cenvat credit rule in case of capital goods 50% of the cenvat credit is allowed in the year of purchase and 50% is allowed in the next year.
however in case of SSI concerns 100% cenvat is allowed in the year of purchase if the amount of removal of goods exceeds 1.5 crore.
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MJ Krishnamurthy
(Expert)
04 March 2013
It differs from state to state. One also has to see whether the machine is a notified one in that state.....mjk
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