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TMI BlogCENVAT Credit on input used for New Product development DepartmentX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, We are having new product development department , where in inputs purchased consumed for , different trial testing and innovation purpose , we do captalised the input cost incurred on this a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount. The said product developed may be introduced in to the market within 1-2 year. Now querry is that:- Are we entitled to avail CENVAT credit on the purchase of inputs used for the future ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... development of new product. ? Regards Pradeep Jain - Reply By Vijay Chitte - The Reply = Yes, you can take cenvat credit immidiately, Beaing as a manufcturer, no need to wait when produc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is introduced, Further, only inputs (goods) used for providing taxable services eligible, Cenvat credit reversal is required even if the input goods are written off fully or partially in books of ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count. - Reply By Pradeep Khatri - The Reply = Research and Development forms part and parcel of manufacturing, hence, it is verly well incorporated in the definition of inputs under Cenvat Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rule, 2004 - CENVAT Credit on input used for New Product development Department - Query Started By: - Pradeep Jain Dated:- 25-6-2013 Central Excise - Got 2 Replies - Central Excise - Discussion Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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