20 February 2013
my turnover is above 4 crore in 2007-08 and my final product was exempted but in 2008-09 my intermediate product is become taxable. i want to know whether i will get ssi exemption of Rs.1.50 crore in 2008-09 from the first financial year after being my intermediate product taxable in captive consumption as my final product is still exempted however my turnover was above 4 crores in 2007-08 and my final product is still exempted.
21 February 2013
If the Intermediate Goods are used to manufacture Final Product which is Exempted from Duty, then on the removal of the intermediate goods for internal use Duty is payable to the Government. Depend upon your final product was exempted in the financial year 2007-08 or not. If exempted then you will be eligible for SSI exemption for the next financial year of Rs. 1.5cr.
CAclubindia
