Dear experts,
Is there any time bound limit (with in 6 months from the date of invoice for credit taken) for 2nd 50% of capital goods credit.
e.g. : Inv. dt. 31.5.2009
1st 50% credit taken on 31.5.2009
2nd 50% credit may taken on 1.4.2010, but forgot to take 2nd 50% of credit.
Is it possible to take credit of 2nd 50% on today i.e. 12.10.2010
pl. reply, It is very urgent.
Thanks in advance.
Aashish.
Yes u can take credit any time.....
you can take credit any time till you hold such assets but once such assets is sold or discarded no credit
as per cenvat credit rules u can take 50% credit in first year and remaining 50% in any subsequent year provided the asset in ur possession they are some exemptions also there
Dear All
if that capital goods raise the export invoice and paymnet received through bank for accountanting purpose only. capital goods in our factory only and this capital goods used for manufactring of export items only.
we are eligable for ramaing 50% cenvat credit or not
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