13 October 2015
Respected Professionals, I have queries regarding availment and utilization of Cenvat Credit:
Q.1. factory was availing the benefit of any exemption Notification and due to this no excise duty were payable on Finished Products, but now exemption has been withdrawn and it starts payment of duty. Whether Cenvat Credit can be availed on capital Goods if those were purchased when factory was availing the benefit of exemption? if yes, in how much old capital goods we can avail Cenvat Credit?
Q.2. Whether Cenvat credit can be availed on Capital goods if such capital goods was using for manufacturing Duitable and Exempted Goods?if yes, in how much old capital goods we can avail Cenvat Credit?
14 October 2015
Q 1. the moment you start manufacturing exisable goods credit can be taken irrespective of the fact it was used for exempted goods earlier. Q 2. it can be subject to rule 6 of the CCR 2004.
CAclubindia
