We are availing excise exemption under notification 08/2003 upto 1.5 crores of clearance. We have purchased some machinery on 26.03.2010 & some machinery in the 2010-11. Our sale will cross 1.5 crore soon. Can we take the benefit of cenvat on machinery purched in 2009-10 & 2010-11. & what will be the base to calculate the Cenvat.
I also want to know that what I should Do When our Sale will cross 1.5 crores, Should I intimate the excise office. Please Guide me.
15 February 2011
You could get registered now and vail the credit for capital goods and cliam the exemption of 150 lakhs. File returns reguilarly and when you cross 150 lakhs start charging the CED by utisliing the capital goods credit. Also the credit on stocks in hand { including inputs contained in wip/ fg]would be available once duty discharge is started.
CAclubindia
