22 September 2010
An Asessee purchase plant & machinery ( Capital Assets) in financial year 2009-10 and get registered himself with excise deptt in financial year 2010-2011. We want to know whether he is elegible to avail Cenvat on that capital goods as on 31.03.2010.
23 September 2010
No assesee cannot avail cenvat credit as on 31.3.2010 but after registration he can avail 50% of the cenvat credit for the FY 2010-11
Kindly note that as per the cenvat ruels, an assessee can take cenvat credit not exceeding 50% in the year in which capital asset is purchased and rest he can claim in the succeeding financial year/
So, in your case, you can claim 100% credit in fy 2010-11.
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