Excise on branded ayuvedic medicines

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2013 i manufacture branded ayurvedic medicine

Mrp - 100
My selling price - 15
turnover - 50 lacs

i want to know do i come in excise and what will be the assessable value for excise

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

12 March 2013 pls clarify you said your turnover is Rs.50 Lacs
this turnover is being calculated @ Rs.15/- or Rs.100/-

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2013 this turnover is calculated on Rs 15/- per box...

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

12 March 2013 you have to calculate your turnover after claiming abatement on the MRP Value and then calculate your Turnover

I think abatement is 35%
i.e. 65 ( 100-35----(100*35%))

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2013 So the turnover exemption limit of Rs 1.5cr will be calculated as per the MRP value is Rs. 65 in my case ?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

13 March 2013 Yes

it will be calculated @ Rs.65/-

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