TaxTMI 
TaxTMI 
Dear sir,
we received vessel tank under ch heading 73090040
can we take credit under Part-II C
VESSSELS TANK
07 Mar 2017 
2 Replies 
1383 Views Asked by
Cenvat Credit on storage tanks: treated as capital goods with phased credit; alternatively service tax may apply if not purchased.
Under the Cenvat Credit Rules a storage tank is classed as a capital good; duty paid on such tanks may be claimed in a phased manner, with half the credit available in the initial year and the remainder in subsequent years. If the tank is received but not purchased, service tax may be chargeable, a position treated as settled. (AI Summary)
Under the Cenvat Credit Rules a storage tank is classed as a capital good; duty paid on such tanks may be claimed in a phased manner, with half the credit available in the initial year and the remainder in subsequent years. If the tank is received but not purchased, service tax may be chargeable, a position treated as settled. (AI Summary)