28 February 2014
1.Shall we take cenvat credit for discount purchase.
Say for example we buy the materials with 100% discount, the bill has been made by the seller with material amount with ED 12.36% and deducted in bill as 100% discount of material amount.
In this scenario, how can we take cenvat credit.
2. We purchased the machinery spare and used it as a attachment of machinery. what percentage of cenvat credit we have to take?
Is it to be classified as machinery or machinery spare parts?
28 February 2014
You can take the cenvat credit on the basis of invoice if capital goods then you can take the cenvat credit on 2 part, 50% current year and remaining balance next year.
CAclubindia
