cenvat credit

[yogesh zanwar]

what is time limit for taking cenvat credit.i had some purchase in the month of december 2010 but bill was recd in august 2011.can take credit of cenvat.its allowed or disallowed under which section,circular or notification.

 

please guide to me.

AI Summary

No Specific Time Limit for Claiming CENVAT Credit; Conditions Apply on Receipt of Goods and Capital Goods. A query was raised regarding the time limit for availing CENVAT credit for a purchase made in December 2010 with the bill received in August 2011. Three responses confirmed that there is no specific time limit for claiming CENVAT credit. The credit can be availed immediately upon receipt of goods at the factory. For capital goods, up to 50% of the credit can be claimed in the same financial year, with the remainder available in subsequent years. The primary condition is that the goods must be received at the factory.