capital goods

“capital goods” means goods, the value of which is capitalized in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or furtherance of business; Earlier definition which was brought from existing cenvat credit rules 2004 has been dispensed with. This will reduce substantial litigations and instant ITC credit will be available on capital goods except for pipelines and telecommunication tower fixed to earth by foundation or structural support including foundation and structural support.


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