Regarding input credit of excise & service tax
This query is : Resolved
09 August 2011
Dear SIr,
I have some quiry regarding excise and service tax credit.
Our finished product is barge(ship),which was exempted from Excise duty, but subsequently exciseble goods from the F.Y. Budget of 2011. We had not sale any finished goods (Barge) till now. We are purchasing the exciseble goods and paying Service tax from starting of the company.
Will I take the input credit on all previous bill of Input materials, Capital goods materials and Service tax.
Plz. guide me on above mentioned subject.
Thanks & rgds,
Rakesh Kr. Chaurasia
I have some quiry regarding excise and service tax credit.
Our finished product is barge(ship),which was exempted from Excise duty, but subsequently exciseble goods from the F.Y. Budget of 2011. We had not sale any finished goods (Barge) till now. We are purchasing the exciseble goods and paying Service tax from starting of the company.
Will I take the input credit on all previous bill of Input materials, Capital goods materials and Service tax.
Plz. guide me on above mentioned subject.
Thanks & rgds,
Rakesh Kr. Chaurasia
09 August 2011
input goods and services after the imposition of excise duty is available for input credit, but before that date its not admissible.
capital goods are eligible for cenvat credit subject to 50% in 1st year and balance in subsequent years.
capital goods are eligible for cenvat credit subject to 50% in 1st year and balance in subsequent years.
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