I would be grateful if somebody could assist me with the following query:
An automobile limited company wants to procure capital equipments for its research and development department. I would like to know if the company can avail CENVAT credit setoff for excise duty paid on these capital equipment purchases.
Thanks!
You can take Cenvat credit on Capital Goods as its use for improve quality of Product manufactured By you.
Thanks Ram! Could you please direct me to the appropriate reference / documentation where this is mentioned?
Thanks again.
CAclubindia
