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TMI BlogCENVAT CREDIT 50%X X X X Extracts X X X X X X X X Extracts X X X X ..... CENVAT CREDIT 50% X X X X Extracts X X X X X X X X Extracts X X X X ..... private record), that will be shown there. In ER.1 return, there is no specific column. However, under the head, "Detail Of Credit Taken and Utilised" Point No.8 against sub-serial no. 5, 6, 7 Col. No. 1. you will mention credit taken on capital goods.Books of account and invoices are documentary evidence in support of the entries in ER.1 return Consolidated balance of all kinds of cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it will be worked out against serial no. 17. Your books of account will be documentary proof of taking of 50% credit in first year and remaining in second financial year. You are required to have the proof of taking the credit of 50% and not utilising it. You can utilise such credit at any time thereafter. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Your wordings itself is incorrect. It is not l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ast year credit. In the first year you are taking 50% credit and the balance in next year. Next year only you can take credit. In the credit taken column you may add to the credit taken for that year. Reply By KASTURI SETHI: The Reply: SH.MARIAPPAN GOVINDARAJAN, Yes. Sir. I had also to struggle hard to make out sense from the incorrect drafting. Reply By Ganeshan Kalyani: The Reply: 50% bala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of credit of capital goods purchase last year is to be shown in the credit availed column in the current period return. X X X X Extracts X X X X X X X X Extracts X X X X
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