cenvat credit

[ANIL KUMAR]

My factory is situated in Himachal Pradesh under exemption of cental excise duty.Presently exemption period is expired on 30.09.14. onwards from 01.10.14 excise duty is levied on goods manufacturedand cleared.As on 01.10.14 stock lying with us ( R.Mand F.G)MAY BE TAKE CREDIT ON BOTH R.Mand F.G LYING WITH US.WE HAVE ALREADY INTIMATED EXCISE DEPT. REGARDIG THIS.PLEASE CLEARIFY

AI Summary

Factory Begins Incurring Excise Duty; Cenvat Credit Available for Stock and Goods with Notification and Certification A factory in Himachal Pradesh, previously exempt from central excise duty, began incurring excise duty from October 1, 2014. The owner inquired about availing Cenvat credit for raw materials, work in process, and finished goods as of that date. It was advised that credit could be claimed on these items with prior notification to the excise department. A certificate from a cost accountant and guidance from the jurisdictional Range officer were recommended. Additionally, it was clarified that under the Cenvat Credit Rules, credit can be taken on inputs in stock, work in process, or finished goods, but not all simultaneously.