Dear All
we received the material in varioys ch heading that is not capitalitem but we are capitalise the said material because of highvalue there is basic duty and SAD on invoice how can i take cenvat credit i am doing as per below detail
sir i am taking 50 % of basic Duty in current year and rest 50 % next year and Sad i am taking 100 % credit in current year is thic correct or not pls reply
Discussion on Claiming Cenvat Credit for Capitalized Non-Capital Items: 50% CVD and 100% SAD Credit Explained. A participant initiated a discussion regarding the correct method to claim Cenvat credit on materials categorized under various headings, which are not capital items but have been capitalized due to their high value. The participant inquired about claiming 50% of the basic duty in the current year and the remaining 50% the next year, while taking 100% credit for SAD in the current year. Responses varied, with one advising to check if items were capitalized with taxes, another confirming the eligibility for 50% CVD and 100% SAD credit, and a reference to a stringent definition of capital goods under the Vikram Cement judgment. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
