I would like to know whether following statement is correct or not
1.If one SSI excisable goods turnover in PY is not excceding 4crores,then it is fully exempt from Excise duty.
2.If one SSI excisable goods turnover in is 10crores,then 1st 1.5crores is fully exempt from Excise duty and the remaining 8.5crores is taxable at appropriate rate.
Further it is requested, which oragnisation shall be considered as SSI for the purpose of availing exemption under Excise Law.
Manufactuerers of specified commodities having clearances not exceeding Rs. 3 crores in the preceding Financial Year are eligible for this exemption.
The requirement of registration has been exempted for the following persons.(Notification No. 22/98 CE(NT) dated 4.6.98 as amended)
Manufacturers who are only manufacturing goods, which are exempted from payment of duty of Central Excise. For small scale industries who are manufacturing goods up to an aggregate value of less than Rs. 90 lacs. After crossing Rs. 90 lakhs turn over the SSI must file declaration. In case an SSI is manufacturing goods of more than 30 lacs he must file a declaration only once. (the form is enclosed).
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