exemption

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 January 2011 Dear sir,
ours is a newly established manufacturing company What is the turnover up to which requirement of excise registration is not required.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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14 January 2011 notification No. 8/2003 dated 1-3-2003. SSI units whose turnover is less than Rs. 4 crores in the previous financial year are eligible for the concessions. All industries irrespective of their investment or number of employees are eligible for concession. In fact, even a large industry will be eligible for the concession if its annual turnover is less than Rs. 4 crores. The SSI unit need not be registered with any authority.

If SSI unit does not avail Cenvat on inputs, turnover upto Rs. 150 lakhs is fully exempt (The limit was Rs. 100 lakhs upto 31-3-2007).