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Cenvat Credit on capital goods

December 21st, 2016

1 Capital Goods [Rule 2(a)]

¨     Capital goods (machinery, plant, spare parts of machinery, tools, dies, etc. ) as defined in rule 2(a), used for manufacture of final product and/or used for providing output taxable service

¨     Only those defined as capital goods eligible – check chapter heads as specified in rule 2(a) before taking Cenvat Credit

¨     Following capital goods are covered in clause (A)(i)of above definition – Tools, hand tools, knives etc. falling under chapter 82 * Machinery covered under chapter 84 * Electrical machinery under chapter 85 * Measuring, checking and testing machines etc. falling under chapter 90 * Grinding wheels and the like, and parts thereof falling under sub-heading No 6804 * Abrasive powder or grain on a base of textile material, of paper, of paper board or other materials, falling under chapter heading 6805

¨     Steel, cement for construction does not fall within definition of capital goods

¨     Spare parts, components, tools , dies are covered under the definition though normally not capitalised in books of account

¨     Dumpers and tippers eligible

¨     Office equipment not eligible

¨     Capital goods obtained on hire purchase, lease or loan are eligible for Cenvat credit.

2 Use of Capital Goods

¨     Capital goods should be used in the factory. Capital goods used outside the factory for generation of electricity for captive use within the factory eligible

¨     Service provider can use capital goods anywhere, but capital goods should be used for providing taxable service. Other capital goods are not eligible for service provider.

3 Motor Vehicle as capital goods eligible for service provider

¨     Motor vehicles and chassis designed for transportation of goods used for renting of vehicle, transportation of goods for providing taxable service and courier are eligible.

¨     Motor vehicles and chassis designed to carry passengers eligible if used for renting of motor vehicle, transportation of passengers or training

¨     The motor vehicle should be registered in the name of service provider.

4 Motor vehicles Eligibility to manufacturers

¨     Cenvat credit is available only in respect of tractors, special purpose motor vehicles, work trucks, bicycles, baby carriages and trailers and parts and accessories of all motor vehicles

¨     Their components and accessories eligible

¨     Dumper and tipper eligible, if used within the factory

5 Restrictions on Cenvat Credit on capital goods

¨     50% credit is available in current year and balance in subsequent financial year or years, except in case of SSI

¨     Assessee should not claim depreciation on duty portion on which he has availed Cenvat credit. If value of machinery is ten lakhs plus excise duty 1.236 lakhs, claim depreciation on ten lakhs only

6 Removal of capital goods after use

¨     If capital goods are cleared after use, an ‘amount’ payable by reducing the original Cenvat credit @ 2.5% per quarter i.e. 10% per year.(Higher reduction in case of computers)

¨     If excise duty calculated on basis of transaction value of the old capital goods is higher, then ‘amount’ equal to that duty payable.

¨     For example, capital goods were purchased on which Cenvat Credit availed was ` 1,00,000. These were cleared after use for five years. Then ‘amount’ to be paid (i.e. Cenvat credit to be reversed) is ` 50,000 (10% per year). However, capital goods were sold for ` 5,00,000 on which excise duty payableat current rate of 12.36% is 61,800. In that case, ‘amount’ payable will be ` 61,800.

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