In case of Capital goods,one has to avail and utilise 50-50% of excise in present FY and in next FY respectively.So while filling ER-1 should i put only 50% availed amount for Capital Goods??
If so,
Then what about the remaining 50% i am going to utilise next year?? Is it again shown in ER-1 of next year??
yes, 50% or remaining credit will be displayed in credit next year.
| Originally posted by : U S Sharma | ||
 |
yes, 50% or remaining credit will be displayed in credit next year. |
 |
Yes. You have to utilize 50% current FY and balance 50% (can be availed in a single enry) next FY in ER-1 AS WELL.
If you show 50%+50% in the current it is nothing but availing 100% of credit current FY which is wrong.
f you show 50%+50% in the current it is nothing but availing 100% of credit current FY which is wrong.
So to sum it:
Reply asap
Yes. You are right.
Hey Buddy!!!!
you have to show the credit in this return also and also mention it as an opening balance of credits in the er-1 in the next quarter.
you can take credit first 50% in current f.y. and second 50% can take on next f.y.
i.e. you have credit avail of 100% Rs. 5000 than you can take 2500/- in current month and balance 25000/- can take in month of april or onward month of next f.y.
Boutique Investment Bank & Transaction Advisory Firm
Gurgaon
CA
View Details
CAclubindia
