15 April 2010
If a factory brings in some capital goods but does not take cenvat credit in the year of its procurement, can the factory take 100% credit in the next year?
Illustration :
Procurement of Capital Goods - April 2008-09
No Credit taken in 2008 - 09 0r 2009 - 10
Can the factory take 100% credit in 2010 -11 in one entry in the credit register? or, what should be the manner of taking credit in this case? Please cite Rules and notifications.
As long as depreciation on the duty is not availed the credit of 100% of the CED is possible as long as the CG are used partially for manufacture of ewxcisable goods.
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