Cenvat credit on Capital Goods

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... A Company had availed 50% Cenvat Credit on Capital Goods on the first year of procurement when the unit was availing exemption under Notn.8/2003 and has not paid duty during the entire period(period r .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... efered is 2006-07). Is it allowed to avail the 50% credit in the first year ie. under exemption or 100 % credit in subsequent years ? - Reply By Seetharaman K C - The Reply = There is a distinct .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... difference between availament of CENVAT credit and utilisation of the same. In this case the unit can avail the credit on capital goods in the first year upto the extent of 50% and utilise the credit .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... for payment of duty when the unit crosses the turnover limit specified after which the goods become excisable. The balance 50% can be availed in any of the subsequent financial years - Cenvat credit .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on Capital Goods - Query Started By: - shaji thomas Dated:- 22-12-2010 Central Excise - Got 1 Reply - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X