CENVAT Credit and SSI Exemption
It is related to CENVAT Credit available from the purchase of raw material made during any financial year starting from 1st April to 31st March by the SSI Unit availing the benefit of SSI Exemption under Excise Notification of 8/2003.
I know that if there is any amount of closing balance of CENVAT Credit left unused as of 31st March (CENVAT Credit only on purchase of raw material), it cannot be carried forward to the next financial year. To clarify more with an example, please open the attached xls file before reading further.
There is a closing balance of CENVAT Credit of Rs. 2575/- which cannot be carried forward to the next financial year, and the same amount gets lapsed, requiring transfer to the P & L A/c.
Need for Excise Declaration
I am in need of an excise declaration for the above rule that states the CENVAT Credit cannot be carried forward for the next financial year so I can explain the same to my client.
Please arrange to send me the excise notification/declaration mentioning that the CENVAT Credit gets lapsed as of 31st March and cannot be carried forward to the next financial year.
Regards
It is related to CENVAT Credit available from the purchase of raw material made during any financial year starting from 1st April to 31st March by the SSI Unit availing the benefit of SSI Exemption under Excise Notification of 8/2003.
I know that if there is any amount of closing balance of CENVAT Credit left unused as of 31st March (CENVAT Credit only on purchase of raw material), it cannot be carried forward to the next financial year. To clarify more with an example, please open the attached xls file before reading further.
There is a closing balance of CENVAT Credit of Rs. 2575/- which cannot be carried forward to the next financial year, and the same amount gets lapsed, requiring transfer to the P & L A/c.
Need for Excise Declaration
I am in need of an excise declaration for the above rule that states the CENVAT Credit cannot be carried forward for the next financial year so I can explain the same to my client.
Please arrange to send me the excise notification/declaration mentioning that the CENVAT Credit gets lapsed as of 31st March and cannot be carried forward to the next financial year.
Regards
1 Attachment(s) [Login To View]