24 October 2010
Dear Experts, Let us assume A Ltd. is an SSI (it has not crossed a turnover of 4 crores during the preceding financial year). During the current financial year 2010-11 the following sales has been effected by them and it is not in others brand name.
April 2010 - Rs.12 lakhs May 2010 - Rs.10 lakhs June 2010 - Rs.18 lakhs July 2010 - Rs.25 lakhs August 2010 - Rs.18 lakhs Sep. 2010 - Rs.27 lakhs Oct. 2010 - Rs.32 lakhs Nov. 2010 - Rs.38 lakhs Dec. 2010 - Rs.40 lakhs Jan. 2011 - Rs.45 lakhs Feb. 2011 - Rs.32 lakhs Mar. 2011 - Rs.30 lakhs. - ----------- Total Rs.327 lakhs -----------
Please tell me what is the Excise Duty we have to pay for every month. Please ignore the Cenvat Credit available amount, since i want to know what is the excise duty payable for the assessee.
25 October 2010
SSI units whose turnover is less than Rs. 4 crores are eligible for the concessions. If SSI unit does not avail Cenvat on inputs, turnover upto Rs 150 lakhs is fully exempt (The limit was Rs 150 lakhs upto 31-3-2007). If SSI unit avails Cenvat on inputs, it has to pay full normal duty on all its clearances.
25 October 2010
Upto 150 lakhs exempt and after that liable at 10.3%. Soemwhere in November liable. 327 -150 = 177x 10.3% is the gross liability less cenvat credit if availed.
CAclubindia
