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Time limit for claiming exice duty credit

vikas (Aricle Assitant) (40 Points)

27 June 2012

Whether is there any time limit for claiming Cenvat Credit on Fixed Assets?

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CA Sripal Jain (Associate Finance) (709 Points)
Replied 27 June 2012

Cenvat Credit - Delayed availment – held that there is no provision for denying credit because of delay nor there is any time limit for taking credit in the CENVAT Credit Rules and therefore, the stand taken by the Revenue that credit has to be taken within a reasonable period has no basis - even the supplementary instructions issued by the Board also do not prescribe any time limit for the purpose – credit allowed.

CCE, AHMEDABAD Versus LUBI ELECTRONICS

so as per the case law there is no time limit for availing cenvat credit

regards

sripal jain

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vikas (Aricle Assitant) (40 Points)
Replied 27 June 2012

Thank you sir.

CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 27 June 2012

The only condition is that you have to take credit not exceeding 50% in the current FY in which capital goods have been put to use and balance 5% can be claimed in next Financial Year.