Central excise act.

07 February 2012

If a manufacturer is having a turnover of Rs.70 lacs in preceding financial year, is he liable to pay excise duty? If No, then when is so liable?

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2 Replies

Janani Subramanian (Employed) (151 Points)
Replied 07 February 2012

Excise Duty is not payable on the amt of turnover there are mainly three conditions to be satisfied for levying Excise duty on a commodity:-

1) There must be goods

2) The goods must be excisable

2) The goods should be produced or manufactured within India

If a goods satifies the following three conditiond then excise duty can be levied.

GOPAL AGGARWAL (DOING NOTHING) (1339 Points)
Replied 07 February 2012

he can avail SSI exemption upto 1.5 crore

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