Central excise
n v sudhakar
(Querist) 05 November 2009
This query is : Resolved
We started our manufacuring activity during FY 2008-08 and availed exemption of Rs. 1.50 crores. This year also we are availing exemption. We may cross exemption limits in the next year i.e, 2010-11 or 2011-12. But we bought some capital goods during 2008-09 and 2009-10 also. Can we avail cenvat credit on capital goods after we cross exemption limits or is there any time limit to avail?
Is it necessary that we have to show these capital goods particulars in our quarterly returns when we are availing exemtpion.
Kindly clarify on the above at the earliest
Regards
N V Sudhakar
Raj Kumar Makkad
(Expert) 05 November 2009
If you cross the exemption limit during all these years hen you are not entitled to avail simultaneously Cenvat credit on capital goods though the same is required to be shown in the quarterly returns
