Madhavi
(CA - FINAL)
(1342 Points)
Replied 07 July 2012
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 07 July 2012
Cenvat
Rule:-2(k):-Input definition
All goods used in the factory by the maufacturer of the final product is eligible for cenvat credit,however light diesel ,high speed oil,petrol are not eligible for credit
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 07 July 2012
cont:-
also any goods used for the buidling or for the purpose of laying foundation for support of capital goods are not eligible for credit
Madhavi
(CA - FINAL)
(1342 Points)
Replied 07 July 2012
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 07 July 2012
cont:-
any goods which is used in guest house or for pesronal consumption of any employee ,even in such cases CC is not eligilbe.
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 07 July 2012
Conclusion:-In case of inputs...(expect which are not eligilble) must be used in the factory in relation to manuffactur of a exciable product for the purpsoe of availement of CC
Madhavi
(CA - FINAL)
(1342 Points)
Replied 07 July 2012
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 07 July 2012
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 07 July 2012
@ Madhavi it is not Cenvat Act...it is Cenvat Rules
Madhavi
(CA - FINAL)
(1342 Points)
Replied 07 July 2012
Madhavi
(CA - FINAL)
(1342 Points)
Replied 07 July 2012
Madhavi
(CA - FINAL)
(1342 Points)
Replied 07 July 2012
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 07 July 2012
Rule:-3(5)
If a manufacturer or service provider removes any input or capital goods on which cenvat credit is claimed...from his factory or premises then in such they are require to pay amount which is as follows
contd...
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