Cenvat Credit for SSI Units:
This query is : Resolved
10 July 2009
Dear Expert,
A SSI unit choosed the option of availing exemption of not paying duty upto Taxable T-O of Rs.1.5 Cr, but done purchase of bulk raw materials which will be used as inputs for output Taxable T-O of Rs.5 Cr. In that case can the unit is eligible to take cenvat credit proportionately on inputs used in the manufacturing Taxable T-O over and above 1.5 Cr exemption limit even though purchased at the beginning of production. If yes please quote the relevant statutory provisions.
Thanks & Regards,
Gopi
A SSI unit choosed the option of availing exemption of not paying duty upto Taxable T-O of Rs.1.5 Cr, but done purchase of bulk raw materials which will be used as inputs for output Taxable T-O of Rs.5 Cr. In that case can the unit is eligible to take cenvat credit proportionately on inputs used in the manufacturing Taxable T-O over and above 1.5 Cr exemption limit even though purchased at the beginning of production. If yes please quote the relevant statutory provisions.
Thanks & Regards,
Gopi
12 July 2009
Yes. When your duty payment starts, you can take credit on material which is there in stock.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS Deducted AY-2013-14 Not Reflected in 26as
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Condonation . E-Verification of last year return .
- TDS Return Q1 FY 2026-27
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
