Master TDS & TCS Provisions with Critical Issues. Register Now!

CENVAT CREDIT

praveendhandhania (article assistant) (60 Points)

18 August 2009

Dear All,

You Can take CENVAT credit in any upcomig year except on capital goods on capital goods you can take credit only upcoming two year.

Please suggest me if i am wrong.

Reply
Follow
Share

7 Replies

P.Bashista (Advocate) (367 Points)
Replied 19 August 2009

Technically it is that on capital goods 50 percent credit can be taken in the same financial year and 50 percent shall be taken in the next financial year.

Upgrade to CAclubindia Pro. Subscribe Now!

jugal chandak (article) (48 Points)
Replied 26 August 2009

Originally posted by :praveendhandhania

cenvat credit on capital god is to be taken 50% in first year and remaining in subsequent year provided capital gods are in possession........but in case of moulds dice fixture cc shall b taken 100% in first year

for input cc is to b taken when it received in factory...act dosent provide any time limit ....so it should b taken as soon as possible

Naveen (Finance) (35 Points)
Replied 11 September 2009

50% of the credit can immediately be taken on the receipt of the capital goods and balance to be taken the next year. Provided the capital goods is present and utilised on the registered premises and for the purpose regsitered.

Kakoli (Sr.Executive - Commercial) (28 Points)
Replied 22 September 2009

Can we claim cenvat on authenticated photostat copy of invoice???

P.Bashista (Advocate) (367 Points)
Replied 22 September 2009

Yes after following certain thresholds you can do that.

Upgrade to CAclubindia Pro. Subscribe Now!

Kakoli (Sr.Executive - Commercial) (28 Points)
Replied 22 September 2009

I have been informed that the rule based on which we can claim cenvat on authenticated photostat copy of invoice is based on Old Rule i.e 'TheCentral Excise Rules, 1944'

From the year 2002 the New Rules viz. The Central Excise Rules,2002 is come in to existance and the availment of cenvat credit on photocpy of excise inovice is not provided any where in the rule.

Kindly confirm on the same

P.Bashista (Advocate) (367 Points)
Replied 23 September 2009

there are various decided judgments in which the cenvat has been allowed even after new rule came into force. If sufficient evidence is available then the credit cannot be denied on the authenticated photocopy of the original invoices. Ref the decided case of:

Vardhman Acrylics Ltd. V. CCE(2006) 4STR 489 (CESTAT SB)