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use of cenvat

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2010 can we use the 100% cenvat credit on capital goods?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
08 August 2010 yes you can use it 50 % in the same year
and balance in next year.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
08 August 2010 you can also use 100% in the same year if
the said capital gooods is sold in the same year.
or if the said capital goods is destroyed in the same year and nothing could be realised from that assets
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
23 August 2010 agreed and continuing that balance 50 % credit will be allowed provided that capital goods are still in possession in such subsequent years.
this rule is not applicable on components,spares and accessories and refractory materials.

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