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Credit of Excise or Service Tax on purchasing of assets

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(Querist)
29 March 2009 Can a Company takes Credit of Excise and Service tax on Purchasing of Fixed assets??? What will be the Procedure???
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Raj

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Raj (Expert)
30 March 2009 In my opinion Yes you can take the credit but if the fixed assets falling under (CENVAT credit rule) rule 2(a)then you can avail the 50% in the year of acquisition and rest in subsequent F.Y.

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