SSI exemption

This query is : Resolved

Shrikant (Querist)
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03 July 2009
If an SSI unit fails to intimate Excise Department after crossing Rs. 90 lacs sale and the total sale in the year is below excisable limit,is there any penalty imposed?

CA Bosu babu

CA Bosu babu (Expert)
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04 July 2009 no specific penalty is there .....but one section is specifying that if any penalty is specified RS.5000 will be levied

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NITIN

NITIN (Expert)
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04 July 2009 There is no any specfic penalty but he will be liable for penalty for Rs 5000 under any other default

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CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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04 July 2009
NO specific penalty

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Shrikant

Shrikant (Querist)
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04 July 2009 Thanks all experts for reply. What should be my line of action this year. Do I inform now or wait till I reach Rs. 90 lacs sales. What is the format of declaration?