excise duty

when can credit over input used for manufacturing final product be taken ?

and when it coulf not be taken ?

 

Replies (3)

input credit can be taken at thetime of receipt of eligible input in premises of output sservice provider or factory of manufacture.

in case of capital goods 50% of duty paid can be availed off in the same year of receipt in factory\ premises as the case may be. And the balance credit can be availed off equally in subsequent years, provided capital goods should be in possession.

Input credit taken shall be reversed back if, input is removed as such ( in the condition of purchase), or it is used in exempted final output.

If still u have any doubt, just open this uerry again.

Where any product has been purchased and such product has been utilised in the manufacturing process then the excise duty already paid on that product can be taken as input credit.

When the goods has been sent out of the factory and excise duty has been paid and when such goods return to the factory for some more process to be done the excise duty paid earlier can be taken as input credit and excise duty shall be paid date of removal of such refined good at the rate and assessable value applicable on the date of removal.

Note that even if your creditor has not paid excise duty on the goods which you have bought ,you are eligible to take cenvat credit on that provided it is used by you in the production process.

 

yes...right

 

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