Excise on branded ayuvedic medicines

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2013 i manufacture branded ayurvedic medicine

Mrp - 100
My selling price - 15
turnover - 50 lacs

i want to know do i come in excise and what will be the assessable value for excise

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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12 March 2013 pls clarify you said your turnover is Rs.50 Lacs
this turnover is being calculated @ Rs.15/- or Rs.100/-

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2013 this turnover is calculated on Rs 15/- per box...

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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12 March 2013 you have to calculate your turnover after claiming abatement on the MRP Value and then calculate your Turnover

I think abatement is 35%
i.e. 65 ( 100-35----(100*35%))

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2013 So the turnover exemption limit of Rs 1.5cr will be calculated as per the MRP value is Rs. 65 in my case ?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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13 March 2013 Yes

it will be calculated @ Rs.65/-