CENVAT Credit on input used for New Product development Department

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..... CENVAT Credit on input used for New Product development Department
Query (Issue) Started By: - Pradeep Jain Dated:- 25-6-2013 Last Reply Date:- 27-6-2013 Central Excise
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..... Excise
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 o .....

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..... n this account. 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 fut .....

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..... ure 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 product is intro .....

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..... duced, 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 account. Re .....

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..... ply 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 Rule, 2004
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..... Discussion Forum - Knowledge Sharing .....

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