Input material resale

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This query is : Resolved

P.A. FRANCIS (Querist)

19 February 2012 I have crossed SSI exemption of 1.5crore, now i want to clear raw material, which was the old stock of non-modvat goods. Can i resale without paying excise duty or trading the same item

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)

20 February 2012 Firstly You are selling raw material. So it is trading. If your have not taken any credit on such inputs then you will not be required to be excise duty......

Maninder Jain

Maninder Jain (Expert)

20 February 2012 If you have crossed SSI limit, first take your central excise registration, then take cenvat on the items lying in the stock. Then you are removing raw material as such. In this case you will make F3 invoice & revrse the credit on these goods.

NILESHKUMAR

NILESHKUMAR (Expert)

22 February 2012 after crossing exemption limit you can not do so. There are various disputes in SSI exemptions which are against assessee. Once u cross limit of 1 cr, intimate and take c excise registration.
after getting registration no. avail credit and at the time of as such clearance reverse the same, u can enhance the value but no duty is required to pay on valua addition

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