Recording date in case of Capital Goods-Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2011
Hi,
I am doing audit of a Manufacturing Unit.I am having situation like this :
Date of Bill Of Entry:25/03/2011
Date of GRN :06/04/2011
Date of Posting :22/04/2011.
Which date to be considered for CENVAT Credit of CVD Paid ?Can't Date of BE be taken for Import Date of Machinery?
I am doing audit of a Manufacturing Unit.I am having situation like this :
Date of Bill Of Entry:25/03/2011
Date of GRN :06/04/2011
Date of Posting :22/04/2011.
Which date to be considered for CENVAT Credit of CVD Paid ?Can't Date of BE be taken for Import Date of Machinery?
Shudhanshu Agrawal
(Expert)
30 June 2011
Date of entry is related to accounts and there is no law which defines the date of entry. Cenvat credit can be availed when a bill is entered in the books of accounts i.e. cenvat credit is debited. Hence cenvat credit shall be allowed when it is debited as an asset.
U S Sharma
(Expert)
30 June 2011
the entry is made for cenvat credit on actual receipt of goods at factory premises.
30 June 2011
Both the experts are correct
01 July 2011
THE DATE OF BE ONLY SIGNIFIES THE CLEARANCE OF GOODS UNDER IMPORT.
STILL THE GOODS ARE IN TRANSIT AS GRN IS PREPARED ON 6TH APRIL AND THAT WOULD BE THE DATE WHEN CENVAT CAN BE CLAIMED.
RGDS
STILL THE GOODS ARE IN TRANSIT AS GRN IS PREPARED ON 6TH APRIL AND THAT WOULD BE THE DATE WHEN CENVAT CAN BE CLAIMED.
RGDS
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