Dear all,
We are availing cenvat credit u/s RG 23 C for our capital goods. The 50 % of Cenvat Credit utilised this year and balance 50 % utilising by next financial year. My Friend has informed that we can utilise the cenvat credit fully this year itself.
Kindly confirm this has amended in Excise rules if so inform the amended date & notification no.
As per my knowledge there is no amendment and notification on that case.
No such amendment still such come
Yeah No such amendment still come.
And as per Rule 4(2)(a) of CENVAT CREDIT RULES,2004 it is clearly written that u can avail credit Not exceeding 50%. that means u can avail credit upto 50%. There is no such mandatory that we have to claim credit exectly 50%. even we can claim credit less than 50% and accordingly as per clause (b) of the said sub-rule balancing credit can avail in any subsequent year.
Here we have to nate that the word use is 'balancing credit' not the word 50% balancing credit. So if we have claim only 10% credit in first year than remaing 90% credit we can claim in any subsequent year.
And second things we have to note down that here word use is 'any subsequent year' i.e it is not necessary that the balancing credit we have claim in next subsequent year. the word use is 'any subsequent year'
The whole amount of cenvat credit in case of capital goods can be taken in the same financial year only in two condition.
a. If the capital goods are cleared as such in the same financial year.
b. If the assessee is the SSI unit availing exemption under a notification based on value of the clearances.
[w.e.f. 01.04.2010 by a notification No. 6/2010 CE (N.T.)]
Yes,
If Your industry is SSI Unit, then you are eligible to avail 100% credit twds Capt Goods in same financial year.
SIR,
I WANT CENTRAL EXCISE RG-23-C PART I & II REGISTER IN EXCEL FORMAT PLEASE HELP FOR THAT
| Originally posted by : Prabhat Kumar | ||
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The whole amount of cenvat credit in case of capital goods can be taken in the same financial year only in two condition. a. If the capital goods are cleared as such in the same financial year. b. If the assessee is the SSI unit availing exemption under a notification based on value of the clearances. [w.e.f. 01.04.2010 by a notification No. 6/2010 CE (N.T.)] |
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I agree with you Prabhat ji
| Originally posted by : Prabhat Kumar | ||
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The whole amount of cenvat credit in case of capital goods can be taken in the same financial year only in two condition. a. If the capital goods are cleared as such in the same financial year. b. If the assessee is the SSI unit availing exemption under a notification based on value of the clearances. [w.e.f. 01.04.2010 by a notification No. 6/2010 CE (N.T.)] |
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Yes,Mr. Prabhat is right.
CAclubindia
