20 October 2010
its urgent, need guidance on the following situation A manufacturing concern crossed 1.5 crores of turnover ,on that date following was lying in factory input, finished stock & scrap ( scrap has been lying since long but its excisable and assesse is clearing scrap after paying duty, now whether assesse can claim cenvat on scrap lying in stock in factory, any notification, rule is there to convince the authorities
23 October 2010
The credit on the inputs in raw material form, wip or finished goods is available. However the scrap was generated for manufacture of goods within the exemption.
No specific ruling to my view is there. Normally we advise the manufacturer that prior to corssing 150 akhs he clears all the scrap alo without apyment of duty to avoid the dispute on removal later.
CAclubindia
