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).
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.
CAclubindia
