Excise credit on opening stock

It will applicable from 1^st march and duty have to pay 1^st onwards for clearance of goods. You can take credit of purchase which is after 1st march. You can claim own branded garment for SSI. SSI exemption clearance value will be calculated from 1^st of april.

 i am agrre with Mr. Pankaj Arora

Dear sir,

Let me give you replies to your queries point wise

1. The good became dutiable with effect from 01.03.2011. So the turn over for duty will be counted from 01.03.2011 to 31.03.2011 for the financial year 2010 -11. If the the excisable turn over crosses 4 crores within 31 st march 2011, then you would not get SSI exemtion from 01.04.2011. But if the turn over remained below 4 crores, then from 1st April 2011 your counting of clearance value for exemption will gain start for the financial 2011-12.

2. You can avail SSI exemption in respect of your own goods only. Please go through notification no 8/2003 - CE dated 01.03.2003. You cannot avail cenvat credit on others' goods.

3. SSI exemption for 2010-11 will be counted from 01.03.2011. For the year 2011-12 the counting willbe from 01.04.2011.