Urjit Talati (Job - Deloitte) (86 Points)
24 December 2015i have imported AAC block machine and paid customs duty and i am into manufacturing of AAC block.
so my question is can i get the credit of custom paid?
how can i avail the credit?
can i avail credit of full custom duty of part of it?
please rpy as soon as possible
Shrikant Rathi
(Practicing Chartered Accountant)
(31 Points)
Replied 24 December 2015
CENVAT Credit of Additional Customs Duty (12.5%) and Special Additional Customs Duty (4%) is available to a manufacturer. The Basic Customs Duty and Customs Cess is not available as credit.
Urjit Talati
(Job - Deloitte)
(86 Points)
Replied 24 December 2015
Shrikant Rathi
(Practicing Chartered Accountant)
(31 Points)
Replied 24 December 2015
There is no time limit for utilization of the credit. However, for availing the credit, time limit of one year has been prescribed. You can avail the credit as soon as the inputs are received in your factory. The credit so availed can be utilized in future without any time limit.
Urjit Talati
(Job - Deloitte)
(86 Points)
Replied 24 December 2015
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 25 December 2015
The credit on capital goods used to manufacture excisable goods liable to duty is 100% for SSI. All other ( non sssi and service providers) can avail the credit Upto 50% in the year of receipt and balance in subsequent years.
satya
(Executive Excise)
(1839 Points)
Replied 26 December 2015
Ajit Hegde
(CA - Final)
(1367 Points)
Replied 27 December 2015
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
