cevat on imported CG

V K VIJAYARAGHAVAN (Querist) 03 December 2014 This query is : Resolved
Is there a time limit that in 2 FY the claim has to be completed or can be claimed in y 3 also if omitted in y2

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Devajyoti Barman (Expert) 03 December 2014
Unclear query..be a bit descriptive.

R.K Nanda (Expert) 03 December 2014
consult tax lawyer.

Anirudh (Expert) 03 December 2014
I think you are unnecessarily raising a doubt where none exists.

The provision clearly states "The balance of CENVAT credit may be taken in any financial year subsequent to the financial year in which the capital goods were received"

It is only talking about subsequent year, and that too 'any of the financial year'. It did not talk about immediate succeeding year. Therefore, credit can be claimed in y 3 also if omitted in y2.

Rajendra K Goyal (Expert) 05 December 2014
Consult your tax adviser.

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