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of <h1>Cenvat credit: claim within one year on receipt/invoice; capital goods 50% first-year cap; job-work returns; reverse-charge only after payment</h1> Cenvat credit must be taken promptly on receipt of inputs or on receipt of invoices for input services, and cannot be availed later than one year from the document date; unused credit can be carried forward. Initial credit on capital goods is limited to 50% in the first year (balance in later years), except in specified cases where 100% is allowed; ownership is not required and depreciation is not permitted on the credit portion. Inputs or capital goods sent for job work must be returned within 180 days or two years respectively, with provisions for reversal and re-credit if delayed; final products may be removed from the job worker's premises with prior permission. Service-tax reverse-charge credit is available only upon payment, and input-service credit must be paid within three months or be reversed.
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