VIJAY KUDTARKAR (ACCOUNTANT) (291 Points)
06 June 2015Dear Sir,
Please any one solve this problem and reply me urgenty Plz plz plz ........
Raw material 500000
Lubricant Oil 50000
Diesel 150000
Quality Testing machin 190000
Pollution control 80000
Packing material 150000
Prossing Material 160000
Office equipment 120000
The excise duty is 16% calculate CENVAT CREDIT available ?
satya
(Executive Excise)
(1839 Points)
Replied 06 June 2015
Dear Vijay,
If you are a manufacturer, you will get Cenvat Credit on all above items except Diesel & Office equipment.
Niraj Kumar Sinha
(Sr. Officer, SPSIL)
(648 Points)
Replied 06 June 2015
Dear Vijay,
Quality Testing machine and Pollution control equipment come under Capital Goods.
So you will get only 50% CENVAT Credit in the current year. Balance 50% credit will be available in the next year.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 07 June 2015
CAclubindia
