purchase price of machine is 40lacs.It include excise duty of 2lacs against which CENVAT credit is available.
will that 2lacs included in cost of machine?
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CENVAT credit
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It's not included in cost of machine if you avail CENVAT credit of Rs.2. Lakh
So, if availed credit...Cost of machine= 38 lakh
or if not availed than its 40 lakh.
So, if availed credit...Cost of machine= 38 lakh
or if not availed than its 40 lakh.
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