Excise exemption

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Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 Dear experts
can you please help me on the following:
i want to know each and everything related to excise exemption on SSI.which turnover is considered( Home consumption or expoert also) and is the exempted turnover is inclusive of VAT/CST or exclusive of it. when the excise registration is compulsory
Please answer asap.

U S Sharma

U S Sharma (Expert)
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04 February 2012 excise turnover is exclusive of
1) vat/cst
2) export turnover

taxable excise is only the manufacturing and clearance turnover for home consumption excluding local taxes as cst/vat

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Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 and what about the excise exemption on SSi

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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04 February 2012 SSI are eligible for exemption from duty under Notification No. 8/2003-CE dated 1-3-2003. The SSI unit need not be registered with any authority

Eligibility for SSI concession:

Unit whose turnover was less that Rs 4 crores in previous year are entitled to full exemption upto Rs 150 lakhs in current financial year. SSI unit can avail Cenvat credit on inputs and input services only after it starts paying duty. However, Cenvat credit of capital goods can be availed even if these were received during period of exemption.

regards,

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