Clarification of credit on capital goods

[Guest]

as per cenvat credit rules it is very must clear that you can claim benefit of capital good credit 50% in same year so u are eligible for 50 % in same year & balance portion for next year. so next year at any time till the prossession of that particular asset.

[Guest]

Yes, if at the time of availing balance of cenvat credit, you do not possess captioned capital goods, you are not entitled to avail that balance credit. However, it has few exceptions like consumables.

[Guest]

I think that there is no time limit specified for the purpose of taking cenvat Credit. So the same can be taken in any of further years.

AI Summary

Clarification Needed on Timing for Claiming Remaining Credit on Capital Goods Under CENVAT Rules, Rule Allows 50% Initially A discussion on a forum addressed the clarification of claiming credit on capital goods under CENVAT credit rules. The initial query highlighted the rule allowing 50% credit in the first year and the remaining balance in subsequent years. One respondent noted that if the capital goods are not possessed when claiming the remaining credit, it cannot be availed, with exceptions for consumables. Another participant argued that there is no specified time limit for claiming the remaining credit, suggesting it could be taken in any future year.