Dear Sir
Please help me out to resolve the issue- that i had bought machineries in year 2011 for production in my works, but failed to claim input in same and next year, but 50% claimed in year 2014-15 and balance in 2015-16, will it be allowed or not.
Please suggest
Claim Full Cenvat Credit for Capital Goods Purchased in 2011 Under Cenvat Credit Rules 2014, No Time Limit Imposed An individual sought advice on claiming Cenvat Credit for capital goods purchased in 2011 but claimed partially in subsequent years. Experts clarified that, under Cenvat Credit Rules, 2014, credit can be claimed at 50% in the first year of purchase, with the remaining 50% in subsequent years. If the first-year credit was not claimed, the full credit can be claimed in later years. There was no time limit for claiming credit on capital goods during the Central Excise era. Legal precedents support the legality of claiming 100% credit in subsequent years if not initially claimed. (AI Summary)
TaxTMI 
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