Full Cenvat Credit on CAPITAL GOODS in 1st year

 

12:45 Full CENVAT credit on Cap Goods in 1st Year itself: Ernst & Young


Dear Sir(s),

Please Clarify my doubt; 

What is the present status of Cenvat Credit on Capital Goods for availment in a Financial Year.


Replies (7)

50% cenvat taken in same FY in which capital good purchase and balance 50% cenvat taken in next FY till now.

But as above mentioned, I also confuse what is the meaning of "1st year itselt"

Please wait for this clarification till not clear.

 

Originally posted by : satya.dharani


 

12:45 Full CENVAT credit on Cap Goods in 1st Year itself: Ernst & Young




Dear Sir(s),

Please Clarify my doubt; 

What is the present status of Cenvat Credit on Capital Goods for availment in a Financial Year.


 Same as written by swetank,

But as per latest notification  No.6/2010-Central Excise(N.T.) dted 27/02/2010 ,

who will avail SSI exemption, then they are eligible to avail 100% credit.

 

Yes, Mr. Ajay is right, this facility only for SSI Unit wef 1-4-10

Can anybody help me? where the abovementioned notification is availble? CBEC site has not been updated till to this moment.

Pl be treated most URGENT.

Thanks in advance,

S. Banerjee

Dear Satya

I wish to clarify your doubts in view of cenvat credit of capital goods.

Condition No1. If you have purchased capital goods and you have used in relation to manufacture then you are entitiled to take cenvat credit 50% in current financial year and balance 50% in next financial year .

Condition No2. If you have purchased some capital goods and you are sure that you shall clear the capital goods in the same financial year then you are entitiled to take full cenvat credit and when you clear the goods you will depriciate the depriciation 2.5% per qtr in view of valuation and you have to reverse the cenvat credit accordingly.

Regards

Harendra Singh Negi

All the details regarding the Budget 2010-11 is available on the below link.

 

https://indiabudget.nic.in/

Please tell me the currant status of CENVAT Credit Ruls on capital goods...

Is The rule of 50% is prevelling or Replaced by 100% credit rule..????

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