Capital Goods inward entry

[Chandresh Dobariya]

we have purchase an electric motor for machine from the dealer the invoice is excise passon.

entry of this invoice? in which register? What About the cenvat ?

[Anupam Tiwari]

Statutory records (RG23A PtI/II, RG23C PtI/II) have been dispensed with. This does no mean that maintanenace of records are not required at all. The entry of goods received in factory may be done in private records maintained for the purpose. Dept. now relies on private records, the intimation of which is required to be submitted as per rule 16 of C.Ex Rules’02. Cenvat credit on capital goods may be availed in two equal installments in consecutive financial years subject to condition that the same is used in or in relation to manufacture of final products and deprecation of duty portion has not been claimed.

[NEERAJ KUMAR, RANCHI]

I also agree with Mr Tiwari.

[YAGAY and SUN]

Such transaction must be recored in private records and the intimation of private record must be submitted to the concerned authorities. CENVAT credit is available as per the amended definition of CENVAT credit Rules, 2004.

[Himanshu Mehta]

Dear Sir,

 

First you take qty. in 23-C-I Capital Goods Register & Duty amount - 50% credit taken in 23-C-II Register.

if you have any other problem pl. mail [email protected]

thanks...

AI Summary

Cenvat credit on capital goods allowed in equal installments across consecutive years, subject to use in manufacture and depreciation rules.
Private records may replace statutory RG23 registers for capital goods entry, with required intimation to authorities; Cenvat credit on capital goods is claimable in equal installments across consecutive financial years provided the goods are used in manufacture of final products and depreciation on the duty portion has not been claimed.