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TMI BlogClarification of credit on capital goodsX X X X Extracts X X X X X X X X Extracts X X X X ..... Clarification of credit on capital goods X X X X Extracts X X X X X X X X Extracts X X X X ..... it Cenvat Credit on Capital Goods can claim 50% in current year and next 50% in next year, Now Suppose i have received a bill on 30th March 07, can i claim balance 50% on next month (i.e 1st April 07) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the balance will be available on next year 30th March 08.(i.e exactly after 1 year of Bills Received) Reply By Madhukar N Hiregange: The Reply: The law allows that you can take 50% in March and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he balance 50% in April. In april the same should be in possession tah is all. Reply By Surender Gupta: The Reply: In the instant case, you can avail 50% as on 30th March and balance as on 1st April 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007. Before taking credit, make sure that you have received the capital goods in the premises for use in the manufacturing activity of finished goods liable to excise duty. Reply By Atul Jain: The Rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly: The provision of bifurcating the amount of claim is only with regard to financial year. So you can take 50% of the cenvat credit on 31st march and balance 50% on ist April. X X X X Extracts X X X X X X X X Extracts X X X X ..... Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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