cenvat credit

[Asked by Guest]

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.

[YAGAY and SUN]

You can avail CENVAT  credit.  There is no such time limit.  The CENVAT credit Rules says that assessee may avail  CENVAT credit immediately.

Yes, i agree with Mr.pradeep khatri. You can avail the credit imediately on receipt of the goods at your factory. if it is a capital goods maximum of 50% you can avail in the same financial year and balance in next year or susequent any year.

[NEERAJ KUMAR, RANCHI]

Yes you can take cenvat credit on that bill. There is not any such limit, the only condition is that the goods should have been received in your factory

AI Summary

Cenvat credit: no time limit; credit allowed on receipt of goods, capital goods immediate portion with remaining deferred.
No statutory time limit prevents availing CENVAT credit; the operative requirement is physical receipt of goods at the factory before claiming credit. Credit may be availed immediately on receipt of inputs or input services. For capital goods a portion may be claimed in the same financial year and the remaining portion in a subsequent year, subject to the condition that the goods have been received in the factory.