Query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2016
Dear Sir,
At present we paying excise duty and taking CENVAT credit but our turnover is below 4 cr of F.Y. 2015-16 that's why we will claiming for exemption benefit from 01/04/2016, so if raw material stock lying balance as on 31/03/2016 in stock then should we reverse cenvat credit for that raw material? because that raw material we using for further production.
At present we paying excise duty and taking CENVAT credit but our turnover is below 4 cr of F.Y. 2015-16 that's why we will claiming for exemption benefit from 01/04/2016, so if raw material stock lying balance as on 31/03/2016 in stock then should we reverse cenvat credit for that raw material? because that raw material we using for further production.
Arun Kumar Singh
(Expert)
04 March 2016
If you want to avail SSI exemption then on date of 31/03/2016 you need to reversed the all laying cenvat credit in the books.
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