Cenvat on capital goods in case of ssi

This query is : Resolved

Ramkrishna (Querist)
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08 January 2014 We are taking benefit of SSI Notf. of excise and our turnover is under 1.50 cr at this time. We have purchased a machinery on which cenvat credit is available. Can we avail this cenvat credit in this time return and utilize it after crossing turnover of 1.50 Cr in this year or in the next year ( if taking benefit of SSI in next year also).

With Regards

Arun Kumar Singh

Arun Kumar Singh (Expert)
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13 January 2014 If you are paying the excise duty then you can avail the cenvat credit. If you have registered under central excise and not paid excise duty then you cannot take cenvat credit. SSI unit can take 100% cenvat credit on capital goods in the first financial year.