TMI BlogSSI and cenvat creditX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All , We have a manufacturing unit which expects to cross threshold limit of 150 lacs in coming F.Y Can we set-off the duty arsing after 150 lacs with the input purchase ,where we borne the excise duty??? kindly let us know if any departmental clarification or circular in this regard Thanks regards Parth kapoor - Reply By Rajesh Nathoo - The Reply = Dear Mr. Kapoor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Yes, u can but u can take credit on purshases after you cross the threshhold limit of 1.5 Cr. In addition to this , u can take credit of inuts lying in stock or inputs contained in Finished goods or inputs contained in WIP ( on the day u cross threshhold limit .) - Reply By parth kapoor - The Reply = Thank you for the reply sir . If i make myself satisfied, then, purchases made after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 150 lacs will only be eligible for cenvat credit?? Is that the case Sir? Will appreciate your prompt response :) - Reply By Rajesh Nathoo - The Reply = Mr. Parth, Point of taking Cenvat Credit in Central Excise is when inputs are received in the factory . Suppose exact removal of your finished goods exceeds 150 lacs at 2.00 p.m 28.12.2013, u can take cenvat credit of inputs recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved in ur factory after 2.00 p.m . - Reply By parth kapoor - The Reply = Thank u very much sir Appreciate your time - Reply By DEV KUMAR KOTHARI - The Reply = I agree with replies by Mr. Rajesh Nathoo. It would be better to have clear cut cut off time rather the date of crossing limit for all related purposes - clearance of goods, receipt / issue / availaing of goods and services as inpu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. - Reply By Rajagopalan Ranganathan - The Reply = Sir Once you have crossed the SSI exemption limit of 150 lakhs and started payment of duty you can take credit of duty paid on inputs, inputs contained in unsold stock of finished goods, inputs contained in work in progress etc. You may also take 100 percent of duty paid on the capital goods in the same financial year when you have c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rossed the SSI exemption limit of 150 lakhs. - SSI and cenvat credit - Query Started By: - parth kapoor Dated:- 28-12-2013 Central Excise - Got 6 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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