A SSI unit paid Rs. 10 lakhs for capital goods purchased in March 2014. The Unit crossed the limit of 1.5 crores in Jan 2015. Till Jan 2015, the Unit has filled nil quarterly return for previous 3 quarters of 2015-2016 and hence no information is given to Excise Deptt. regarding duty paid on capital goods.
Can the SSI clain the CENVAT credit for all the sales made post Jan 2015 ?
Yes, it can claim the credit For all the sales above 1.5 crore, but
1. Cenvat credit of duty paid on inputs will be available partially i.e it will be available only for those inputs which were utilised in the manufacture of goods above the limit of 1.5 crore
2. Cenvat credit of duty paid on capital goods shall be available fully.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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