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What are inputs

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Inputs means any goods used for providing output service

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When can Input be taken?

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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

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What are the Items on Which Cenvat on Inputs not available?

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Petrol/Diesel
Motor vehicles
Goods for personal use of employees
  (like food items, goods used in guesthouse, club, recreation facility)
Construction Services of Building etc

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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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