Cenvat Rules for Ship Breakers

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hanif

(Querist)
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08 March 2011 we are ship beakers and have paid customs and excise duty on our imports in Feb-2011. will new budgetary changes in Cenvat Rules restricts us upto 85 % of cenvat availments?

Guest

Guest (Expert)

08 March 2011 CENVAT Credit Rules pertaining to Ship braeking has been amended w.e.f 1 March 2011. If ship has been brought in the breaking yard before 1 March 2011, you may avail 100% credit as existed at that point of time. However, if ship has been brought in the yard on or after 1 March, 2011 you will be eligiblefor 85% credit only.

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