Central excise
This query is : Resolved
13 November 2007
Can CENVAT credit of capital goods be set off againtst excise duty of finished goods ?
14 November 2007
Yes it can be set off against excise duty of finished goods.
So long it can be established that the capital goods were used for manufacture of such finished goods.
There is no provision of one to one co-relation as such the same can be utilised.
So long it can be established that the capital goods were used for manufacture of such finished goods.
There is no provision of one to one co-relation as such the same can be utilised.
14 November 2007
CENVAT credit on capital goods can be set off against excise duty on finished goods. But the condition is that 50% of the cenvat can be setoff in tHE first year AND the balance 50% to be adjusted in one or more future years. Also no depreciation is allowable under income tax act on the portion of cenvat availed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tax on income from business can set off house property loan
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
