Option under Notification No. 8/2003 CE
This query is : Resolved
25 March 2008
An SSI unit wants not to avail full exemption upto Rs 150 lakhs under Notification no. 8/2003 and instead pay normal rate of duty with Cenvat credit benefit.
Is it required to excercise its option or is this provision now redundant? Pls advise.Thanks.
Is it required to excercise its option or is this provision now redundant? Pls advise.Thanks.
17 April 2009
Mr Vikky
SSI option is for those whose annual turnover is less than 150crores & the material in hwich they are dealing in not excisable or nil rate of duty or exempeted.
Then they will opt for SSI . But it is totally recommendatory for any unit. You can be choose to pay normal rate of duty & avail the cenvat credit.
SSI option is for those whose annual turnover is less than 150crores & the material in hwich they are dealing in not excisable or nil rate of duty or exempeted.
Then they will opt for SSI . But it is totally recommendatory for any unit. You can be choose to pay normal rate of duty & avail the cenvat credit.
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