What are inputs
Inputs means any goods used for providing output service
When can Input be taken?
Input can be claimed immediately on receipt of goods in factory
Payment to party is not relevant
Maximum period to take input is 1 year from date of Invoice
In case of Removal of Inputs as such (Purchase Return/Sale of Inputs),Cenvat taken has to be reversed
What are the Items on Which Cenvat on Inputs not available?
Goods for personal use of employees
(like food items, goods used in guesthouse, club, recreation facility)
Construction Services of Building etc