CENVAT CREDIT 50%

[SHARMA NARAYAN]

Where we show the credit of Last year 50 % Bal in ER1

AI Summary

Discussion on Reporting Remaining 50% Cenvat Credit on Capital Goods in ER.1 Return with Proper Documentation. A forum discussion addresses how to report the remaining 50% Cenvat credit on capital goods from the previous year. One participant explains that this credit should be documented in the company's books and noted in the ER.1 return under the 'Detail Of Credit Taken and Utilised' section, with supporting documentation required. Another participant clarifies that this is not 'last year's credit' but rather credit taken over two years, with 50% in the first year and the remainder in the second. The discussion highlights the importance of accurate documentation and understanding of credit utilization.