Recording date in case of Capital Goods-Urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2011 Hi,

I am doing audit of a Manufacturing Unit.I am having situation like this :

Date of Bill Of Entry:25/03/2011
Date of GRN :06/04/2011
Date of Posting :22/04/2011.

Which date to be considered for CENVAT Credit of CVD Paid ?Can't Date of BE be taken for Import Date of Machinery?

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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30 June 2011 Date of entry is related to accounts and there is no law which defines the date of entry. Cenvat credit can be availed when a bill is entered in the books of accounts i.e. cenvat credit is debited. Hence cenvat credit shall be allowed when it is debited as an asset.

U S Sharma

U S Sharma (Expert)
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30 June 2011 the entry is made for cenvat credit on actual receipt of goods at factory premises.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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30 June 2011 Both the experts are correct

CA CS CMA Sanjay Kumar Sareen

CA CS CMA Sanjay Kumar Sareen (Expert)
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01 July 2011 THE DATE OF BE ONLY SIGNIFIES THE CLEARANCE OF GOODS UNDER IMPORT.

STILL THE GOODS ARE IN TRANSIT AS GRN IS PREPARED ON 6TH APRIL AND THAT WOULD BE THE DATE WHEN CENVAT CAN BE CLAIMED.

RGDS