under SSI Exemption Cenvate Credit on Capital Goods

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Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2010 We are setting up the new Units.The bulk amount of Cenvate Credit on Capital Goods will be received before start production in current year. In current year I want to take SSI Exemption benifit,so balance of credit on capital goods remains as it. Can we carry forward for next year the balance of Cenvate Credit on Capital Goods? I would like to inform you that, in next year I also want SSI Exemption benifit in starting.Please explain the Rules about balance of cenvate credit on capital goods carry forward for next year
when SSI Exemption benifit want take/avail.

Himanshu

Himanshu (Expert)

30 June 2010 Hello,

I give simple answer or your qustion,

If you purchase excise duty paid capital goods & take benifing of SSI Exemption of this year & next year, THERE IS NO ANY PROVISION FOR REFUND OF THIS EXCISE DUTY IN THIS YEAR OF NEXT YEAR.

If your production capacity in Rs. more than 1.5 Crores, u have to take excise registration & take excise duties benefit on closing stock of Raw material & finished goods at that time of Excise registration.

Thnks
Himanshu Mehta
hemujmehta@yahoo.co.in

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