Thumar Shital (PCC Student) (241 Points)
02 February 2011if any body know then please tell me. what is the defination of turnover according to central excise? and when excise is applicable?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 07 May 2011
turnover under excise = manufacture and sale of exisable goods excluding any taxes levied on sales. excluding export sales.
Excise applicable when such sales exceeds 150 lacs provided the manufacturer has not availed input credit facility on inputs.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 09 May 2011
The Value of excisable goods manufactured and removed [ NOT only SOLD] would be the "turnover". This would include job worked goods for a trader + raw material supplier, where the value of raw material wouldbe added to the value of job charges. [ at times even the value of sale to the trader/ RMS under rule 10.
For SSI exemption the value of exported goods, traded goods, job worked goods under Not 214/86 or for SSI , goods sent to SEZ/ 100% EOU, branded goods on which duty of excise is paid. can all be excluded.
CS Bijoy
(Expert)
(6394 Points)
Replied 14 May 2011
After manufacturing the goods, removable of such goods from the factory for consideration is called turnover.
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