Dear learned friends, I have the following doubts with regard to central excise ssi exemption.
1. Those units whose turnover is below 400 lakhs for the previous financial year can avail SSI exemption. Does it applicable for a newly started unit???
2. SSI units can avail input credit only after the turn over crosses 150 lakhs in a particular year. So what happens to the closing stock of raw materials at the time when the turnover crosses 150 lakhs, Does excise duty paid on the raw materials lying as the closing stock can be availed as cenvat credit? Or only input credit can be availed only on fresh purchases from the date the turn over crosses 150 lakhs??
3. During the year end is there any input credit (cenvat) reversal under SSI scheme??? (If so kindly explain)
Kindly provide me clarity in respect of the above along with any of the important provision in relation to excise. Thank you all in advance.
CAclubindia
