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Excise on capital goods

Shahs (Practising Chartered Accountan) (53 Points)

18 June 2014

Excise duty paid on capital goods. The bill raised on 30/06/2014. The capital goods are received in the factory on 01/07/2014. Which quarter to take clean at credit of 50 percent. Also if C form is to be issued, which quarter will it fall into?

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kumar hattanna (Officer - Excise) (525 Points)
Replied 19 June 2014

Please confirm the correct date of receiving the capital goods at your factory gate. because today is 19/06/2014.

Still you can eligible to take cenvat credit of 50% in financial year. remining 50% next Subsequent financial year.

Please refer the 4(2)(a) of Cenvat Credit Rule 2004

4 (2) (a) The CENVAT credit in respect of capital goods received in a factory or in the premises of the provider of output service at any point of time in a given financial year shall be taken only for an amount not exceeding fifty per cent. of the duty paid on such capital goods in the same financial year: