Hi,
I am an accountant and my company has crossed excise limit of 150lacs for the f. y. 2011-12.
and for last 2 years i.e. F. y. 09-10 - 100lacs & 10-11 - 140lacs. It is require to file a declaration after crossing turnover of Rs. 90lacs. and if we fail to file the same is there is any penalty for the same.
Please suggest us how to do registration in excise and what is the procedure. need your cooperation.
Regards
Shrikant
An SSI unit has to submit a declaration only in case where its turnover is more than Rs. 90 lakhs. Penalty can't be imposed. Assessee has to file application for registration electronically. He gets his registration number instantly through system. However, he can't make payment of duty and file return unless he obtains registration certificate, though technically, there is provision that registration is deemed to have been granted within seven days.
dear sir,
thanks fo rthe useful information.
i similar type of case, for our organisation turnover in the first year FY 09-10 was 60 lakh, FY 10-11 was 1.3 crore and FY 11-12 it is 1.8 crore. we failed to intimate to excise or to do registration with excise due to lack of knowledge. we have not taken excise from customer either. is there any duty liability with this and will it come with some penalty. kindly guide us.
What are the provisions now since the turnover has crossed 150 lacs?
Dear Indranil,
After the exemption limit, you need to pay excise duty and take cenvat credit on inputs.
CAclubindia
