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Excise exemption for ssi - manufacturing & trading

918 views 2 replies

siddharth

B.Com

24 Points Joined December 2012

We are a SSI Certified Unit carrying out Manufacturing & Trading of Engineering Goods

Our Net Turnover (Manufacturing & Trading) is currently at 1.45 Cr. at the moment . (Manufacturing Turover approx 90 Lacs and 55 Lacs Trading Turnover)

Please confirm if we need to get registered with Excise and if we have to charge excise or not

EXCISE SSI EXEMPTION NOTIFICATION 8/2003 allows a manufacturer exemption from excise on goods cleared upto a turnover of 1.5 Crores in a financial year provided turover in previous year is less than 4.0 crores.

Can the manufacturing unit engage in trading activity in the same item, if yes, will the trading turnover be included in the exemption limit of 1.5 crores & the eligibility limit of 4.0 crores?

regards

Siddharth Modi

Replies (2)

sudhir munjal

Student

53 Points Joined December 2012

nly manaufactring turnover shal be considered for SSI status. . U shall start charging excise if manufactrng turnover exceeds 150 lakhs. . Provided u hv maintained SEPRATE STOCK REGISTER AND ACCOUNT FOR TRADING AND MANUFACTURING ACTIVITY.