savaliya chatur m (M.Com) (28 Points)
09 October 2014Pls Inform me Our Company is Manufacturing Agricalture and industril Pipes But Right Now I Have a Problem Can Our Company Trading Finised Foods (pipes) I Means We Purchase Pipes from Other Company And We Dispatch Pipes TO Any Other Company It Is Possible Or Not
That Is Most Usefull and urgent.
Pls Inform Me
Rakshit
(practising)
(338 Points)
Replied 09 October 2014
You should be cautious. Under Central Excise notification No. 8/2003, you are entitled to clear manufactured excisable goods upto Rs.1.5 Crores in a financial year. Trading beyond Rs.1.5 crores can be done provided you are able to maintain separate records distinctly. Furthermore, exemption of Rs. 1.5 crores is available subject to total turnover of manufactured goods is not more than Rs. 4 crores in thye preceding fjnancial year.
R C Verma
09810525780
CAclubindia
