A Public ltd company is putting up a plant to manufacturing News print and writing printing paper.
the co. has started the construction of building & installation of machinery for the purpose from may 2007. The building has been constructe and the installation of the Machinery is likely to be completed by June/July 2008 only. The company has availed Cenvat on the stenth of the Invoices of the Machinery purchased.
The Query is if we can avail 100% cenvat on machinery installing during 2007-08 for clearence of our production during 2008-.09.
We would also request to clarify of our entiltlment to avail cenvat credit during 2008-09 to the extent 50% or 100% with the help of the decided case laws or notifications or circulars
24 April 2008
Cenvat of Capital Goods is claimed at50% During the financial year of procurement & balance 50% in the next financial year. In case credit is not availed in the financial year of procurement of machine then same can be claimed in the next financial year for 50% & balance 50% in the further next financial year.
CAclubindia
