Dear All,
What is the rule for taking cenvat credit on raw materials & capital goods [ with section & rules ].
Can i avail Cenvat credit on rawmaterials beyond any time ?
7 Replies
Ram kr.
(Buisness)
(883 Points)
Replied 15 April 2009
You can take credit on input or capital goods within 6 month.
Suresh kannan P
(Finance Manager)
(33 Points)
Replied 16 April 2009
Which rule it is saying that we have to take credit within 6 months ?
Please give me an authunticated reply...
Capital goods credit can be taken 50% current year & remaining credit can be utilized in any subsequent years...
Suresh kannan P
(Finance Manager)
(33 Points)
Replied 16 April 2009
Which rule it is saying that we have to take credit within 6 months ?
Please give me an authunticated reply...
Capital goods credit can be taken 50% current year & remaining credit can be utilized in any subsequent years...
Rajesh Kumar
(Advocate- Tax)
(7806 Points)
Replied 17 April 2009
There is no such time limit. It can be taken at any time, even after a year or two.
Dilip Darji
(392 Points)
Replied 17 April 2009
Rule 4 (1) of CENVAT Credit Rule, 2004 provides that "the cenvat credit on inputs may be taken immediately on recepit of inputs in the factory of the manufacturer or provider of output service"
Para No.3.6 of Chapter 5 of CBEC Manual provides that there is no such time limit, but it should be availed immediately on receipt of document evidencing payment of duty.
Time limit of six month was in old rules.
Arun Kumar Singh
(GST Advocate)
(15220 Points)
Replied 22 April 2009
You can availed any time Cenvat Credit. Capital goods Cenvat Credit can be taken 50% Current year and remaining credit can be availed any time subsequent years.
Ram kr.
(Buisness)
(883 Points)
Replied 23 April 2009
Dear Friends,
Chapter 5 Para 3.6 of CBEC Mannual
CENVAT credit is required to be taken immediately on receipt of inputs in the factory. This, however, does not mean, nor is it even intended that if the manufacturer does not take credit as soon as the inputs are received in the factory, he would be denied the benefit of CENVAT credit such interpretation is not tenable.
It does not show that cenvat credit taken in one or two subsequent year. Pl. clerify.
Thanks
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