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
Company Can Claim 100% CENVAT Credit on Capital Goods in Second Year if Skipped Initially, Per Rule 4(2)(a) A discussion on a forum addresses whether a company can claim 100% CENVAT credit on capital goods in the second financial year if they skipped claiming 50% in the first year. The consensus among respondents is affirmative, citing that it is permissible to take the full credit in the subsequent year if not claimed initially. Rule 4(2)(a) of the CENVAT credit rules is referenced, which allows for the balance credit to be taken in any financial year after the year of acquisition, provided it does not exceed the stipulated percentage in the first year. (AI Summary)
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