TaxTMI 
TaxTMI 
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 ?
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
vinod ambekar
Small Scale Industry can't claim service tax credit from FY 14-15 due to expired one-year limit per Cenvat Credit Rules. A Small Scale Industry (SSI) unit, operational since FY 14-15, did not utilize a 150 lakh exemption or avail service tax credit for FY 14-15, and inquired about claiming this credit now. Participants in the forum explained that due to amendments in the Cenvat Credit Rules, the time limit for claiming such credits is one year, and thus, credits for FY 14-15 cannot be claimed. The discussion emphasized adherence to statutory time limits to prevent revenue loss and highlighted the necessity of challenging the rule's validity if seeking relief beyond the prescribed period. (AI Summary)