Doubt about availing 50% cenvat credit

Sidhardh (Sr. Manager - Accounts) (178 Points)

17 December 2011  

 

Dear Experts,
 
We have purchased one Machinery on 25th March, 2011 and got CENVAT credit of 2Lakhs.
 
Now, Is it right to claim 50% of CENVAT against Excise duty payable for FY 2010-11, since the assets is purchased just before 1week from the end of Financial Year?
 
Am I eligible to take balance 50% CENVAT credit to setoff the Excise duty Payable for April 2011? Or I need to wait 1year from the date of purchase to avail CENVAT input of balance 50%?
 
Kindly clarify..
 
Thanks & Regards,
Sidhardh.