27 June 2010
We are setting up the new Units.The bulk amount of Cenvate Credit on Capital Goods will be received before start production in current year. In current year I want to take SSI Exemption benifit,so balance of credit on capital goods remains as it. Can we carry forward for next year the balance of Cenvate Credit on Capital Goods? I would like to inform you that, in next year I also want SSI Exemption benifit in starting.Please explain the Rules about balance of cenvate credit on capital goods carry forward for next year when SSI Exemption benifit want take/avail.
If you purchase excise duty paid capital goods & take benifing of SSI Exemption of this year & next year, THERE IS NO ANY PROVISION FOR REFUND OF THIS EXCISE DUTY IN THIS YEAR OF NEXT YEAR.
If your production capacity in Rs. more than 1.5 Crores, u have to take excise registration & take excise duties benefit on closing stock of Raw material & finished goods at that time of Excise registration.
CAclubindia
