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The SSI exemption during the CY is available when the turnover of the assessee during the PY is ? 400 lakhs. The exemption is upto 150 lakhs of turnover during the CY. For turnover > 150 lakhs excise duty payable. The credit as standing on the first day of the financial year in which the exemption is availed shall be lapsed. CENVAT credit on inputs purchased, Input services received not available upto the date when turnover is ? 150 lakhs. Thereafter, credit available. CENVAT credit on capital goods is available but can be utilized only when turnover crosses 150 lakhs. The assessee can opt to pay normal duty and can avail CENVAT credit. Manufacturer of excisable goods (other than Tea, pan masala, some tobacco products, sandal wood oil, weapons, travel sets for toiletries etc.) are eligible for SSI exemption. The option once availed, will be applicable for entire turn- over of a financial year.