sir,
We are a manufacturesw and availing SSI exemption 8/2008,up to 1.50 lacs for the year.
if we wish to switchover to cenvat credit rules before crossing the exemption
a) is it possible
b) what are the procedures
thanks
vinod
vinod (accounts officer) (38 Points)
25 April 2012sir,
We are a manufacturesw and availing SSI exemption 8/2008,up to 1.50 lacs for the year.
if we wish to switchover to cenvat credit rules before crossing the exemption
a) is it possible
b) what are the procedures
thanks
vinod
T.S.CHANDRASEKARAN
(CHARTERED ACCOUNTANT)
(60 Points)
Replied 26 April 2012
It is Rs 1.50 crores.
Inform the Superintendant that you go for sales on chargeable basis and avail cenvat credit.
You can take credit of proportinate CENVAT on stocks as on that date Please have stock statement
containing inv no, date, supplier, item, quantity, basic value, stock on date, proportionate cenvat
From ER3 quarterly return you have to switch over ER 1 monthly return.
This can preferably start from first day of a month.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
