prachee (Indirect Tax) (167 Points)
10 May 2008What are all provison for taking CENVAT credit in Capital goods?
Suppose we have Impoted any Capital goods and we are paying CVD and Additional duty on that material so whether we will be availing 50% in one year and 50% in subsequent year or 100% credit in same year?
pls help
S.P.Mahanta
(Internal Auditor)
(647 Points)
Replied 10 May 2008
For availing Cenvat Credit on capital goods, following condition have to be fulfilled.
a) Such goods must relate to manufacturing/production other than Motor Car.
b) 50% of total excise value can be taken as cenvat credit in the year of receipt.
c) Balance 50% can be taken in subsequent year/years.
vardan sharma
(Company secretary)
(160 Points)
Replied 14 May 2008
if you are a manufacturer than 50% of CVD and 100% of SAD in first yr
Balance in subsequent year
if you are aservice provider 50% in the first yr of CVD and nothing for SAD
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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