Cenvat credit of fixed assest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2013 CAN 100 % CENVAT CREDIT ON FIXED ASSETS TO BE TAKEN IN SECOND YEAR INSTAND OF 50% IN FIRST & 50 % IN SECONFD YEAR???

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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08 April 2013 provision says this.
but if we go practical aspect, then if we take 50% in first year and suppose any unutilised CENVAT balance is there then we adjust with the next year liablity....
so its one and same.
you can take 100% in second year.

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 sir, thank for reply

service tax paid without effect of cenvat credit so first 50% unutilised.

so now cenvat balnace of 100%

can we utilise the 100% in 2013-2014

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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09 April 2013 yes, you can take credit.

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 thank you very much sir.