Excise exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2012
Dear experts
can you please help me on the following:
i want to know each and everything related to excise exemption on SSI.which turnover is considered( Home consumption or expoert also) and is the exempted turnover is inclusive of VAT/CST or exclusive of it. when the excise registration is compulsory
Please answer asap.
can you please help me on the following:
i want to know each and everything related to excise exemption on SSI.which turnover is considered( Home consumption or expoert also) and is the exempted turnover is inclusive of VAT/CST or exclusive of it. when the excise registration is compulsory
Please answer asap.
04 February 2012
excise turnover is exclusive of
1) vat/cst
2) export turnover
taxable excise is only the manufacturing and clearance turnover for home consumption excluding local taxes as cst/vat
1) vat/cst
2) export turnover
taxable excise is only the manufacturing and clearance turnover for home consumption excluding local taxes as cst/vat
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Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2012
and what about the excise exemption on SSi
04 February 2012
SSI are eligible for exemption from duty under Notification No. 8/2003-CE dated 1-3-2003. The SSI unit need not be registered with any authority
Eligibility for SSI concession:
Unit whose turnover was less that Rs 4 crores in previous year are entitled to full exemption upto Rs 150 lakhs in current financial year. SSI unit can avail Cenvat credit on inputs and input services only after it starts paying duty. However, Cenvat credit of capital goods can be availed even if these were received during period of exemption.
regards,
Eligibility for SSI concession:
Unit whose turnover was less that Rs 4 crores in previous year are entitled to full exemption upto Rs 150 lakhs in current financial year. SSI unit can avail Cenvat credit on inputs and input services only after it starts paying duty. However, Cenvat credit of capital goods can be availed even if these were received during period of exemption.
regards,
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