madhavvan (service) (154 Points)
17 April 2009a manufacturer has turnover of rs. 50 lacs in FY 08-09
is he required to regsiter under excise law
can he avail ssi exemption and what are the limits upto which no excise is applicable and after crossing what turnover limit will he have to regsiter and pay excise duty
are all manufacturers ssi is there any fixed assets limit
SNEHASREE
(ARTICLED ASSISTANT)
(102 Points)
Replied 18 April 2009
IF ANNUAL TURNOVER IS LESS THAN RS.4 CRORES IN PREVIOUS YEAR, THECOMPANY IS ELIGIBLE FOR SSI EXEMPTION UNDER NOTIFICATION NO . 8 /2003.
TWO OPTIONS ARE AVAILABLE:
1.EXEMPTION FROM DUTY UP TO RS.150 LACS. AND PAY DUTY AFTER RS.150 LACS AND CLAIM CENVAT CREDIT.
2.NO EXEMPTION PAY FULL DUTY AND CLAIM CENVAT CREDIT.
THE COMPANY CAN AVAIL ANY ONE OF THE ABOVE TWO OPTIONS.
madhavvan
(service)
(154 Points)
Replied 18 April 2009
if we are exempt is company required to file any return or intimate excise authorities
Dilip Darji
(392 Points)
Replied 20 April 2009
Dear sir.
Rule 12 of CER,2002, provides that every "assesse" is required to file periodical return.
As per Rule 2 (c) "assesse" means any person who is liable for payment of duty assessed....
If you are expemted i.e not liable for payment of duty, you are npot assesse and therefore you are not required to file any periodical return.
Arun Kumar Singh
(GST Advocate)
(15203 Points)
Replied 22 April 2009
If annual turnover is less than 1.5 cr. this is exemption from excise duty. If annual turnover is less than 4CR in previous year, company is eligible for SSI Exemption.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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