12 March 2013
If suppose in last preceding year my turnover my turover is 6 crore then I have to pay excise duty on 2 crore or not by availing the benefit of 4 cr????
12 March 2013
The SSI exemption will be available or not is decided on the basis of Preceding Financial year's turnover
if the Assessee's turnover in the PFY is Less than 400 Lacs (4 Crores) then the Assessee is eligible to claim the SSI exemption and exemption Amount is Rs.150 Lacs (1.5 Cr)
but if the Assessee's turnover in the PFY is more than 400 Lacs then the Assessee is not eligible for SSI exemption
Also if it is the first year of Assessee then they are elgible for the SSI exemption.
Therefore in your case if it is first year you can claim exemption of Rs.150 Lacs
i.e. 600-150 = 450 excisable
but if it is not the 1st year then you cannot claim SSI exemption in the next year and for the Current year
you have to calculate the pfy turnover for claiming exemption
13 March 2013
my question is if my turnover in last two year i.e in 10-11 is 3 cr and in 11-12 is 4.5 cr then whether I have to pay excise duty on 0.5 cr for 11-12
CAclubindia
