SSI
This query is : Resolved
Guest
Guest
(Querist)
26 March 2009
A unit is not considered as a SSI , if the T/o limit crosses 400 lakhs in the preceding year.
after this criteria is full filled, we can decide if a unit can avail exemption from excise upto Rs. 150 lakh value clearance.
My question is
Q 1. If NEWLY ESTABLISHED UNIT in FIRST YEAR OF OPERATION crosses Rs.400 lakhs can it be a SSI?
Q 2 .If yes can the exemption notification no.8 be given to such a unit?
after this criteria is full filled, we can decide if a unit can avail exemption from excise upto Rs. 150 lakh value clearance.
My question is
Q 1. If NEWLY ESTABLISHED UNIT in FIRST YEAR OF OPERATION crosses Rs.400 lakhs can it be a SSI?
Q 2 .If yes can the exemption notification no.8 be given to such a unit?
26 March 2009
No, the limit is applicable based on the value clearance and not based on the newly established entity. Hence, once the limit specified in the Notification no. 08/2003 cross Rs 400 lakhs, the assessee lost the SSI benefit.
26 March 2009
As u mention other condition applicable in Notification 8 for SSI is fulfilled,then we need to check only turnover criterai, but if u check the provision carefully, then SSI unit have a exemption from registration as well as duty upto turnover of 1.5 cr. so idirectly u can enjoy ssi exemption at least for first year upto turnover of 1.5 crore & start paying duty after cross this limit. but next year u need to check the turnover of this year & if it is cross 4 crore then u are not eligable for ssi exemption in next year.
29 March 2009
In the first year, exemption upto 150 lakhs can be claimed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
