CA and CMA Ravinder Singh
(CA and CMA)
(853 Points)
Replied 06 January 2014
karan jit singh
(Consultant)
(1299 Points)
Replied 06 January 2014
1st of all I like to divert your attention that, SSI notification is for Specified goods.
If you are manufacturing such specified goods then only SSI exemption is available.
Assuming that your product is specified good as per SSI Notification (E/N 8/2003) :-
Now you said that you are a newly commenced organisation, then definitely you are SSI unit by default. No need to pay ED upto Domestic turnover of Rs. 150 Lakh.
.
If you are producing Non Dutiable or Non excisable goods then no question of SSI notification will raise.
Regards
Karan
(For any further query pls send a PM)
| Originally posted by : Sridhar | ||
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Dear frnds and experts, How do we classify an industry as SSI Units or normal unit ? Does tat depend only on previous year turnover ? But what if it is a newly commenced organizations ? |  |
What is the definition of MSME?
A.1. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:
(a) Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below:
(i) A micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakh;
(ii) A small enterprise is an enterprise where the investment in plant and machinery is more than Rs. 25 lakh but does not exceed Rs. 5 crore; and
(iii) A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs.5 crore but does not exceed Rs.10 crore.
In case of the above enterprises, investment in plant and machinery is the original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No.S.O.1722(E) dated October 5, 2006.
(b) Enterprises engaged in providing or rendering of services and whose investment in equipment (original cost excluding land and building and furniture, fittings and other items not directly related to the service rendered or as may be notified under the MSMED Act, 2006 are specified below.
(i) A micro enterprise is an enterprise where the investment in equipment does not exceed Rs. 10 lakh;
(ii) A small enterprise is an enterprise where the investment in equipment is more than Rs.10 lakh but does not exceed Rs. 2 crore; and
(iii) A medium enterprise is an enterprise where the investment in equipment is more than Rs. 2 crore but does not exceed Rs. 5 crore.
link for more details.. https://www.rbi.org.in/scriptts/FAQView.aspx?Id=84
jagadeesh
(article assistant)
(23 Points)
Replied 07 January 2014
Actual i was paid TDS on Rent For A.Y.2001- to 2012 But did not file ETDS Return
Wther it is possible to transfer all payments to currents or To get a refund
if any possible way give answers
karan jit singh
(Consultant)
(1299 Points)
Replied 13 January 2014
| Originally posted by : Harini | ||
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Originally posted by : Sridhar Dear frnds and experts, How do we classify an industry as SSI Units or normal unit ? Does tat depend only on previous year turnover ? But what if it is a newly commenced organizations ? What is the definition of MSME? A.1. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: (a) Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below: (i) A micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakh; (ii) A small enterprise is an enterprise where the investment in plant and machinery is more than Rs. 25 lakh but does not exceed Rs. 5 crore; and (iii) A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs.5 crore but does not exceed Rs.10 crore. In case of the above enterprises, investment in plant and machinery is the original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No.S.O.1722(E) dated October 5, 2006. (b) Enterprises engaged in providing or rendering of services and whose investment in equipment (original cost excluding land and building and furniture, fittings and other items not directly related to the service rendered or as may be notified under the MSMED Act, 2006 are specified below. (i) A micro enterprise is an enterprise where the investment in equipment does not exceed Rs. 10 lakh; (ii) A small enterprise is an enterprise where the investment in equipment is more than Rs.10 lakh but does not exceed Rs. 2 crore; and (iii) A medium enterprise is an enterprise where the investment in equipment is more than Rs. 2 crore but does not exceed Rs. 5 crore. link for more details.. https://www.rbi.org.in/scripttts/FAQView.aspx?Id=84 |
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Dear Harini,
you have correcttly classified the companies but this classification have scope limited to accounting and applicability of Accounting standards whether IAS,IFRS,etc .
SSI is based on Notification as such notified by CG...Please refer 8/2003 for more reference.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
