Time for Cenvat Credit

[Laxmaiah Vanamamula]

What is the time(Period Billing date to) Cenvat Credit Taken on Input/Capital Goods Bills one Year or 6 months?

AI Summary

Debate on CENVAT credit timeframe: Immediate credit for inputs, split credit for capital goods per Cenvat Credit Rules 2004. A discussion on the timeframe for availing CENVAT credit on input and capital goods bills reveals differing views. One participant states there is no prescribed time, suggesting a reasonable period, with one year for service tax (ST) and six months for central excise (CEX). Another mentions that for capital goods, up to 50% credit can be taken in the first year, with no time limit for inputs. A third participant cites the Cenvat Credit Rules 2004, indicating immediate credit for inputs upon receipt and a split credit approach for capital goods, with specific rules for ST.