Switching from exemption notication to normal practice
This query is : Resolved
31 August 2015
In a year, suppose we are availing benefit of exemption notification No. 01/2011 CE dated 01.03.2011 where we are not suppose to take Cenvat credit. We followed this practice till 30th Sep. but from 01st Oct., we want to switch our practice to normal, where we will take benefit of Cenvat credit.
So my query is, is there any problem in changing the policy in mid of the year or once the benefit of exemption notification is availed then we have to follow it for full year ?
So my query is, is there any problem in changing the policy in mid of the year or once the benefit of exemption notification is availed then we have to follow it for full year ?
31 August 2015
You should start the taking cenvat credit from the next financial year. With the cenvat credit facility you need to pay excise duty @ of 6%.
31 August 2015
Thank You sir.
But is there any case law to support the above mentioned query or either mentioned in Excise Act that we cannot switch in between year ?
It will be helpful if you provide any legal case where such switching is not acceptable.
But is there any case law to support the above mentioned query or either mentioned in Excise Act that we cannot switch in between year ?
It will be helpful if you provide any legal case where such switching is not acceptable.
31 August 2015
Dear Chetan,
Sorry for wrong advise. you can decide to start availing and utilising cenvat credit on input during the middle of the year.
Sorry for wrong advise. you can decide to start availing and utilising cenvat credit on input during the middle of the year.
02 September 2015
you can switch during the year at any time and you can take cenvat credit on the stocks, which are lying with you at the time of switch over from notification no. 01/2011.
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