TaxTMI 
TaxTMI 
Where we show the credit of Last year 50 % Bal in ER1
CENVAT CREDIT 50%
27 Apr 2017 
4 Replies 
2033 Views Asked by
Partial Cenvat credit: record amount in books and report under credit details; remaining balance claimed in subsequent year.
Partial Cenvat credit on capital goods must be recorded in the assessee's books of account and disclosed in the ER-1 return under the ''Detail Of Credit Taken and Utilised'' heading for credit on capital goods; consolidated balances appear against the total-credit serial. RG-23C (private record) may be used where maintained. Books, invoices and records are documentary proof of having availed the initial portion and of not utilising the balance, which may be claimed in the subsequent financial year and added to that year's credit taken. (AI Summary)
Partial Cenvat credit on capital goods must be recorded in the assessee's books of account and disclosed in the ER-1 return under the ''Detail Of Credit Taken and Utilised'' heading for credit on capital goods; consolidated balances appear against the total-credit serial. RG-23C (private record) may be used where maintained. Books, invoices and records are documentary proof of having availed the initial portion and of not utilising the balance, which may be claimed in the subsequent financial year and added to that year's credit taken. (AI Summary)