Dear
We are manufacturer, we Imported Capital Goods Through Bill of Entry . We Took 50% Credit on CVD, E Cess. and HED cess, But in regards with Additional duty Imports , Whether we have to take 50% credit or 100% credit . I am in a fix in this matter . Kindly provide me the rule . I Know I can take 100% on ADI. Rule I can not remember.
Thnx
Amitabha
09985594940
It is Cleary mention in Cenvat Credit Rule, Rule-4(2)a
The cenvat credit of the additional duty leviable under Sub-section (5) of section 3 of the Custom Act, in respect of capital goods shall be allowed immediately on receipt of the capital goods in the factory of a manufacturer.
Dear Amitabhaji,
As per rules You should taken 50% of 4% Additional Duty while you have any imports of capital goods.
and remaining 50 % credit will be credited you on next financial year.
Thnks.
Eshwar & Co Chartered Accountants - Nungambakkam
Chennai
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