Eligibility for cenvat credit

[madhavvan n]

metal furniture purchased for storage of raw material and finished goods whether it is eligible for cenvat credit

AI Summary

Eligibility of Cenvat Credit for Metal Furniture: Capital Goods or Inputs under Rule 2(1)? 50% Credit Annually. A query was raised regarding the eligibility of cenvat credit for metal furniture used for storing raw materials and finished goods under Central Excise rules. One response indicated that such furniture is akin to storage tanks, allowing for 50% cenvat credit in the year of receipt and the remaining 50% in the following financial year, classifying them as capital goods. Another response affirmed eligibility, noting that if the furniture falls within specified chapters of rule 2(1), it qualifies as 'Capital Goods'; otherwise, it is considered 'Inputs.'