If turnover is exempt in current year, then no CENVAT can be taken of

  • Inputs
  • Input Services

However, Cenvat on Capital goods can be taken but it can be utilized only on paying excise duty greater than 1.5 crore.

Normally on capital goods 50% cenvat to be taken in current year and 50% in next year but in this case, 100% Cenvat available in first year itself

 

 

 

 

  1. Indirect Tax
  2. Excise
Ask Download

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 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
Jail