CENVAT Credit on Capital Goods
This query is : Resolved
22 January 2009
Material purchased to erect building.
The material bills are inclusive of excise.
The material cost( basic) is capitalised to building.
Query:
CENVAT paid on input material , whether to claim credit @ 50% AS CAPITAL INPUT or to claim 100% as normal input.
Pl guide.
Thanks in advance
CA Anand U Patankar
The material bills are inclusive of excise.
The material cost( basic) is capitalised to building.
Query:
CENVAT paid on input material , whether to claim credit @ 50% AS CAPITAL INPUT or to claim 100% as normal input.
Pl guide.
Thanks in advance
CA Anand U Patankar
22 January 2009
Since raw material is capitalised, its an capital goods. So 50% will be claimned in this year & 50% in subsequent years...
26 January 2009
As per my knowledge, CENVAT credit
is not allowed on materials used for
errection of Building
is not allowed on materials used for
errection of Building
01 February 2009
There is no legal provision which deny this cenvat, as after new cenvat rules, scope of cenvat has been incresed.
Regarding inputs or capital goods, Cenvat credit rule specifically says that such n such goods are capital goods. Look at the definition of capital goods in cenvat credit rules. Goods not falling under those are inputs, even when they may be capital goods for accounting principles.
Regarding inputs or capital goods, Cenvat credit rule specifically says that such n such goods are capital goods. Look at the definition of capital goods in cenvat credit rules. Goods not falling under those are inputs, even when they may be capital goods for accounting principles.
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