Cenvat credit on excise duty paid on capital goods
This query is : Resolved
27 May 2014
If suppose the cenvat credit on excise duty paid on capital goods is not utilised 50% in the current year and 50% in the subsequent year by as it is supposed to be utilised, Can the same be carried forward for subsequent periods?
27 May 2014
Once u have claimed cenvat credit on capital goods as provided under CENVAT Credit Rules 2004 it can be certainly carried forward as on claim it looses the its character of specific nature to general nature. It is just like PLA Balance or monies lying with Govt authorities.
27 May 2014
The problem is that technically it was not claimed...It was nowhere shownas a part of credit available in the ST-3 returns for the prior periods. That particular invoice was missed out.
27 May 2014
If possible revise the returns or alternatively show the item as prior period adjustment in the books of accounts and account it appropriately in CENVAT Credit records and claim it accordingly.
Message likes :
1 times
30 May 2014
yes you can carry forward the cenvat credit on input or service tax or on capital goods till your excise number is valid.
Message likes :
1 times
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- 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
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
