04 July 2011
MY CO. IS IN INTALLATION PERIOD OF FACTORY AND WE ARE TAKING CENVAT CREDIT OF EXCISE.IS IT POSSIBLE? CENVAT CREDIT OF EXCISE IS SHOWN AS CURRENT ASSETS IN BALANCE SHEET FOR UTILISATION IN FUTURE PERIOD,WHEN OUR CO. WILL START PRODUCTION.
05 July 2011
Cenvat Credit is available during installation period, whether it is input, capital goods or input services.Credit details to be maintained in RG23-A, RG23C & Service tax register.Credit to be utilised against future removal of goods on commencement of production.
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