Exice limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2011
I have a SSI Unit and I have a turn over of 150 lakhs till the month of november and no sales after that as our season gets over.
Am I eligible for excise?
If yes than why is there a limit of 400 lakhs for SSI
Thank you
Am I eligible for excise?
If yes than why is there a limit of 400 lakhs for SSI
Thank you
P.Bashista
(Expert)
15 December 2011
If you have not crossed the clearance of 150 lacs then you are not required to take the excise registration under the SSI exemption.
In regard to the calculation of 400 lacs- if in the previous financial you have not done clearance more than 400 lacs then u can avail the SSI exemption in the current year. i.e. clearance upto 150 lacs will be without excise duty payment and clearances beyond 150 lacs will be with excise duty payment. But if in any year you cross the turnover of 400 lacs then in the following year you need to pay excise duty on the very 1st consignemnt removed. you cannot avail the duty exemption upto 150 lacs.
If you need any further clarifications on this, feel free to call me on 9818044644
In regard to the calculation of 400 lacs- if in the previous financial you have not done clearance more than 400 lacs then u can avail the SSI exemption in the current year. i.e. clearance upto 150 lacs will be without excise duty payment and clearances beyond 150 lacs will be with excise duty payment. But if in any year you cross the turnover of 400 lacs then in the following year you need to pay excise duty on the very 1st consignemnt removed. you cannot avail the duty exemption upto 150 lacs.
If you need any further clarifications on this, feel free to call me on 9818044644
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