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.
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.
Message likes :
1 times
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- PPF interest-As Exempt Income disclosure
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
