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TMI Blog50% CENVAT CREDIT ON CAPITAL GOODS SKIPED IN FIRST F.Y.X X X X Extracts X X X X X X X X Extracts X X X X ..... DEAR EXPERTS, we have purchase a machinery in march-17 , and the same received in the factory ...but we skip that 505 amt. of cenvat credit on capital good for the first f.y. , then can we take 100% credit in second year ?? pls. advice ... regards, manan - Reply By KASTURI SETHI - The Reply = Yes , you can take credit in second year. There are case laws. - Reply By manan pandya - The Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... = thank you sir, for your valuable reply. regards, manan - Reply By Himansu Sha - The Reply = Rule 4 (2)(a) The CENVAT credit in respect of capital goods received in a factory or in the premises of the provider of output service or outside the factory of the manufacturer of the final products for generation of electricity for captive use within the factory, at any point of time in a give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n financial year shall be taken only for an amount not exceeding fifty per cent. of the duty paid on such capital goods in the same financial year : X X X (b) The balance of CENVAT credit may be taken in any financial year subsequent to the financial year in which the capital goods were received in the factory of the manufacturer, or in the premises of the provider of output service, X X ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... X As per Rule 4(2)(a) not exceeding fifty percent means any amount within 50% which means one may not take credit in the first year . In any year after that he will avail the balance credit. If the credit is not entered in the first year, full credit can be taken in subsequent year, but within one year limitation - Reply By Aitha RajyaLakshmi - The Reply = it i snot mandatory to avail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50% of credit in the first year but it is not more than 50% is to be availed in the year of acquisition and the balance in the subsequent year. In the same way even 0 is less than 50%, hence 100% can be availed in the subsequent year. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = You can take 100% credit in the second year. - Reply By Ganeshan Kalyani - The Reply = Yes, Credit can be availe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d full in the second year. - 50% CENVAT CREDIT ON CAPITAL GOODS SKIPED IN FIRST F.Y. - Query Started By: - manan pandya Dated:- 21-4-2017 Central Excise - Got 6 Replies - Central Excise - Discussion Forum - 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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