SSI UNIT
This query is : Resolved
06 March 2009
DEAR ALL,
CAN A SSI UNIT CAN TAKE CENVAT CREDIT IF HE REGISTERED WITH THE EXCISE DEPARTMENT AND TAKING ADVANTAGE OF 150 LACS TURNOVER.
IF HE IMPORT RAW MATERIAL, THEN USED SUCH AMOUNT FOR PAYMENT OF ADDITIONAL DUTY?
PLS CLERIFY THE SAME .........
CAN A SSI UNIT CAN TAKE CENVAT CREDIT IF HE REGISTERED WITH THE EXCISE DEPARTMENT AND TAKING ADVANTAGE OF 150 LACS TURNOVER.
IF HE IMPORT RAW MATERIAL, THEN USED SUCH AMOUNT FOR PAYMENT OF ADDITIONAL DUTY?
PLS CLERIFY THE SAME .........
09 March 2009
A unit cannot take cenvat credit till the time it is availing SSI exemption. After crossing the limit, it can take cenvat credit on inputs/input services.
However, credit on capital goods can be taken during exemption period only, and can be utilised for payment of duty after exemption period.
However, credit on capital goods can be taken during exemption period only, and can be utilised for payment of duty after exemption period.
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