Time Period for availing Excis Credit

Dear All,

What is the rule for taking cenvat credit on raw materials & capital goods [ with section & rules ].

Can i avail Cenvat credit on rawmaterials beyond any time ?

 

Replies (7)

You can take credit on input or capital goods within 6 month.

Which rule it is saying that we have to take credit within 6 months ?

Please give me  an authunticated reply...

Capital goods credit can be taken 50% current year & remaining credit can be utilized in any subsequent years...

Which rule it is saying that we have to take credit within 6 months ?

Please give me  an authunticated reply...

Capital goods credit can be taken 50% current year & remaining credit can be utilized in any subsequent years...

There is no such time limit. It can be taken at any time, even after a year or two.

Rule 4 (1) of CENVAT Credit Rule, 2004 provides that "the cenvat credit on inputs may be taken immediately on recepit of inputs in the factory of the manufacturer or provider of output service"

Para No.3.6 of Chapter 5 of CBEC Manual provides that there is no such time limit, but it should be availed immediately on receipt of document evidencing payment of duty.

Time limit of six month was in old rules.

 

You can availed any time Cenvat Credit. Capital goods Cenvat Credit can be taken 50% Current year and remaining credit can be availed any time subsequent years. 

Dear Friends,

Chapter 5 Para 3.6 of CBEC Mannual
 
CENVAT credit is required to be taken immediately on receipt of inputs in the factory. This, however, does not mean, nor is it even intended that if the manufacturer does not take credit as soon as the inputs are received in the factory, he would be denied the benefit of CENVAT credit such interpretation is not tenable.
 
It does not show that cenvat credit taken in one or two subsequent year. Pl. clerify.
 
Thanks

 

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