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OUR UNIT START FROM FY 14-15 . OUR UNIT IS SSI UNIT IN FY 15-16. WE HAVE NOT TAKEN A EXEMPTION OF 150 LAKH. WE HAVE NOT AVAIL SERVICE TAX CREDIT OF FY 14-15 & ALSO NOT TAKEN I

Central Excise - Started By: - vinod ambekar - Dated:- 14-1-2016 Last Replied Date:- 17-1-2016 - OUR UNIT START FROM FY 14-15 . OUR UNIT IS SSI UNIT IN FY 15-16. WE HAVE NOT TAKEN A EXEMPTION OF 150 LAKH. WE HAVE NOT AVAIL SERVICE TAX CREDIT OF FY 14-15 & ALSO NOT TAKEN IN ER-3 , CAN WE AVAIL SERVICE TAX CREDIT OF FY 14-15 & SHOW IN ER-3 NOW ? - Reply By KASTURI SETHI - The Reply = From 1.9.2014 to 28.2.2015 Time limit for availing (taking) credit was 6 months. From 1.3.2015 onward Time .....

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m Surya Pvt. Ltd. Vs.CCE Indore reported as 2002 (142) E.L.T. 5 (S.C.).= 2002 (5) TMI 49 - SUPREME COURT OF INDIA The Apex observed as under:- Modvat - Duty paying documents - Availment of credit within six months of the issue of duty paying documents - Amendment to Rule 57G of the Central Excise Rules, 1944 introduced by Notification No. 28/95-C.E. (N.T.) providing such time limit of six months is prospective in nature - Amendment does not take away any vested right but merely introduces limita .....

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OF INDIA) distinguished]. [paras 7, 8, 9] Interpretation of statute - Change in law - Amendment to Rules incorporating time limit for availment of credit - Introduction of time limit does not take away any vested right, it is only the time limit within which said right is to be enforced hence amendment is prospective in effect - Erstwhile Rule 57G of the Central Excise Rules, 1944. [para 7] Penalty imposed specifically questioned before the Tribunal but it failed to consider - Penalty imposed o .....

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g the amendment, relief is not feasible. Now it is your option whether to challenge validity of rule of one year limit or not. As per the present law, you cannot take credit for the past period which is more than one year. - Reply By Ganeshan Kalyani - The Reply = Law should be abide by which in the interest of development of Nation. However failure in taking credit within specified time period of the tax which is already paid while procuring the goods seems not logical. It is like prepaid mobil .....

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