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TMI BlogSTORAGE TANK CREDITX X X X Extracts X X X X X X X X Extracts X X X X ..... STORAGE TANK CREDIT X X X X Extracts X X X X X X X X Extracts X X X X ..... age tank ALKALI MEASURING TANK- SMBS DOSING TANK ANTI SCALANT DOSING TANK IN CH HEADING 73090090 CAN WE TAKE CENVAT CREDIT IN INPUT OR CAPITAL GOODS Reply By Rajagopalan Ranganathan: The Reply: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, Rule 2 (a) (A) (vii) of cenvat credit rule 2004 defines 'storage tank' as capital goods. Therefore you are eligible to take credit of duty paid on storage tanks as capital goods. You h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave to take 50% of duty paid on such tanks in the first year in which they are procured and the remaining 50% can be taken during any of the following years. First 50% should be availed within one yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r from the date of purchase invoice. Reply By YAGAY AND SUN: The Reply: Storage Tanks are well incorporated in the definition of Capital Goods and CENVAT credit on storage Tanks can be availed in tw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o equal instalment in first two of its procurement. Reply By KASTURI SETHI: The Reply: I support the views of both experts. Reply By Ganeshan Kalyani: The Reply: I am also of the same view as expr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essed by learned experts. Thanks.. X X X X Extracts X X X X X X X X Extracts X X X X
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