Exemption limit.
This query is : Resolved
27 August 2011
Dear Sir,
We are in business of Gold Studded Jewellery, having our own Brand Name. We do not manufacture this jewellery, but we get it manufactured by someone as per our design & technical specification. We also do not provide them any iof basic raw material. In short, we purchase from them outright. After purchasing, we put or brand name on ornaments, put a tag on item and do the packing. We sell this to Distributor, Retailer etc. In this budget, 1% excise has been levied on Branded Jewellery. Now pl. guide me on following issues :
(1)Our turnover from Apr-11 to till date is 91 lacs. We have already taken Excise Regn. Now, what is the basic exemption limit after whcih we have to start charging 1 % to our customer ?
(2) Till exemption limit is crossed, do we have to mention in our invoice any noti. no. pertaining to our exemption ?
thanks
anckoora
We are in business of Gold Studded Jewellery, having our own Brand Name. We do not manufacture this jewellery, but we get it manufactured by someone as per our design & technical specification. We also do not provide them any iof basic raw material. In short, we purchase from them outright. After purchasing, we put or brand name on ornaments, put a tag on item and do the packing. We sell this to Distributor, Retailer etc. In this budget, 1% excise has been levied on Branded Jewellery. Now pl. guide me on following issues :
(1)Our turnover from Apr-11 to till date is 91 lacs. We have already taken Excise Regn. Now, what is the basic exemption limit after whcih we have to start charging 1 % to our customer ?
(2) Till exemption limit is crossed, do we have to mention in our invoice any noti. no. pertaining to our exemption ?
thanks
anckoora
CA. Anoop Gadia
(Expert)
27 August 2011
exemption limit is 1.5 crore
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