50% CENVAT CREDIT ON CAPITAL GOODS SKIPED IN FIRST F.Y.

[Asked by Guest]

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

AI Summary

Capital goods CENVAT credit: initial-year cap allows partial claim and the remainder may be claimed later.
CENVAT credit for capital goods is limited to fifty per cent of duty in the year of receipt, with the balance claimable in a subsequent financial year; availment below the cap (including none) in the first year is permitted and the unavailed balance may be taken later, subject to any temporal limitation.