14 March 2011
can u send me explainantion of levy of excise o readymade garments like 1) date of application of excise i e from which date it is levied 2) Thresh hold limit of excise 3) thresh hold limits calculates from which date ie for e g from 01/04/2010 to 28/02/2011 turnover of sales is Rs 1.6 Crore then excise is applicable or not 4) this thresh hold limit is applicable for March month only or not 5) Method of levy of excise ie on mfg cost or MRP basis 6) what is the defination of branded goods for readymade garments 7) if i get certificate for exciose & next year i does not exceds thresh hold limits even then i have to levy excise or not 8) if i does not have any label of brand name of my products even then i a m comeing under excise act
Plz send me details in as simple manner & if possible explain me procedure with example
14 March 2011
1. The duty of central excise is applicle from midnight of 28.2.2011. i.e 1.3.2011. 2. SSI exemption of Rs. 1.5cr is available provided the last year clearence is less than Rs. 4cr. 3. if turnover is less than 4cr during the financial year 2010-11 then SSI exemption is available. 4. It depends on your monthly clearence. 5. valuation will be done on the basis of MRP and tariff value has been fixed on the 60% of the MRP. 6. Anything which has a logo, name, symbol or sign comes under the definition of branded goods. 7. No. 8. No.
14 March 2011
Thanks for your valuable reply.Further i want to know that to get SSI exemption whether one should have to registered SSi Unit or if clearance is below Rs 4 Cr in last financial year implies that it is SSI further for point no 3 of my questions for e g my turnover for feb 25 /2011 cross Rs 1.5 Cr then what to do
CAclubindia
