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Excise ssi exemption

Pooja (aricle assistant) (24 Points)

14 March 2016

If company's or firm's turnover is 5crores in FY 2014-15 and 3crores in FY 2015-16 then can i claim SSI exemption in FY 2016-17?

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CA Aravind Penugonda (Chartered Accountant) (311 Points)
Replied 04 May 2016

Yes, we can claim SSI exemption in FY 2016-17 upto value of Rs.150L as T/o in previous year (FY 2015-16) has not exceeded Rs. 400L. However, for the purpose of the calculating Rs. 150L and Rs. 400L, few categories of clearances need to be excluded. Go through the same in Notification No. 08/2003-CE dated 01.03.2003.