What are inputs?
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Inputs means any goods used for providing output service
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
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