TaxTMI 
TaxTMI 
CENVAT Credit on input used for New Product development Department
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....ENVAT Credit on input used for New Product development Department<br> Query (Issue) Started By: - Pradeep Jain Dated:- 25-6-2013 Last Reply Date:- 27-6-2013 Central Excise<br>Got 2 Replies<br>Central ....
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....Excise<br>Sir, We are having new product development department , where in inputs purchased consumed for , different trial testing and innovation purpose , we do captalised the input cost incurred on....
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.... this account. The said product developed may be introduced in to the market within 1-2 year. Now querry is that:- Are we entitled to avail CENVAT credit on the purchase of inputs used for the futu....
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....re development of new product. ? Regards Pradeep Jain Reply By Vijay Chitte: The Reply: Yes, you can take cenvat credit immidiately, Beaing as a manufcturer, no need to wait when product is introd....
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....uced, Further, only inputs (goods) used for providing taxable services eligible, Cenvat credit reversal is required even if the input goods are written off fully or partially in books of account. Rep....
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....ly By Pradeep Khatri: The Reply: Research and Development forms part and parcel of manufacturing, hence, it is verly well incorporated in the definition of inputs under Cenvat Credit Rule, 2004<br> D....
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