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Cenavt Credit on previous Capital goods
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....enavt Credit on previous Capital goods<br> Query (Issue) Started By: - Laxmaiah Vanamamula Dated:- 30-10-2015 Last Reply Date:- 15-11-2015 Central Excise<br>Got 4 Replies<br>Central Excise<br>Sir, We have a manufacturing unit, we purchased one machinery under chapter ID 84, in the year 2012, at that time we have no Registration under central excise, query > we take Central excise registration in....
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.... 2013, now the question is can we availed cenvat credit on above capital goods/ mchinery. please suggest me. Thanking you, V.Laxmaiah Reply By Mahir S: The Reply: Yes sir, You can avail cenvat credit on the said capital goods/machinery now. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Yes, I agree with the views of Sri S. Mahir. Reply By YAGAY AND SUN: The Reply: Dear V Laxmaiah, Provide....
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....d you had not capitalized the excise duty along with the value of machinery at that material time i.e. in the year 2012 and availed the depreciation on the gross value of the machinery under Section 32 of the Income Tax Act, 1961. If so then you cannot avail the CENVAT credit on Capital goods since the returns under Income Tax had been duly submitted by you. Please be aware of the above provision....
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....s also before claiming the CENVAT credit now. Regards, YAGAY and SUN (Management, Business and Indirect Tax Consultants) Reply By Ganeshan Kalyani: The Reply: The objective of revenue behind such provision is that either depreciation can be claimed on cenvat element or input capital cenvat credit can be availed. Both cannot happen at a time. This exercise is a part of Tax audit report u/s 44A....
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....B of the Income Tax Act, 1961.<br> Discussion Forum - Knowledge Sharing ....