Cenvat credit on capital item.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2013
We are manufacturer of plastic moulded item and at present our unit is not registered with excise dept.We will cross the turnover Rs.90 lacs in near future,but under our expantaion plan one machine we are going to purchase during next week.Pl.advice that can we take cenavat credit on this machine purchase when we will get the ECC no. ?
Thanks,
Thanks,
Ram Avtar Singh
(Expert)
13 September 2013
The Govt. has therefore, given various concessions to
small scale industries (SSI). The most important notification giving these concessions is
notification No. 8/2003 dated 1-3-2003. SSI units whose turnover is less than Rs. 4 crores
are eligible for the concessions. If SSI unit does not avail Cenvat on inputs, turnover upto
Rs 150 lakhs is fully exempt (The limit was Rs 150 lakhs upto 31-3-2007). If SSI unit
avails Cenvat on inputs, it has to pay full normal duty on all its clearances.
small scale industries (SSI). The most important notification giving these concessions is
notification No. 8/2003 dated 1-3-2003. SSI units whose turnover is less than Rs. 4 crores
are eligible for the concessions. If SSI unit does not avail Cenvat on inputs, turnover upto
Rs 150 lakhs is fully exempt (The limit was Rs 150 lakhs upto 31-3-2007). If SSI unit
avails Cenvat on inputs, it has to pay full normal duty on all its clearances.
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