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ITC on excise duty payment
hi everyone.. as per some known source I came to know that excise duty paid in the preceeding one year to the appointed day can carry forward as input.. ours is cotton spinning industry. can we take the excise duty paid on stores and spares as input?
Replies (2)
yes you can subject to excise duty amount is separately mentioned in the bill otherwise you can take 60%of cgst if gst rate 18% or more or 40% of cgst in any other case please also note that if you already registered with excise then you can carry forward as per your return.
If you were eligible for Cenvat Ctedit on the above items under Existing Law,you will be eligible.
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