we are under SSI Unit for manufacturing of Cable & wire making Machinery... Since last two year our turnover less than One crore,this financial year no orders.In point of View we are Suspended to Production activity for this year and intimating to Excise autority.
And also kindly suggest we are eligible for SSI Excempprtion under sections Notification No. 8/2003 - Central Excise/ Notification No.9/2003 - Central Excise.
i am not maintaining any records to Excise,if we are eligible to excemption..
20 August 2011
as you hold registration, but intimated regarding stop of production, you were eligible for filing returns under ER-1/Er-3 as applicable.
8/2003 is option to avail value based exemption of 1st clearances upto 150 lacs, subject to submission of option to Range Superintendent before 1st clearance in any financial year, and such option can not be switched during the financial year.
9/2003 ( not in force now), represents that assesee has not availed benefits of 8/2003, but paying duty from 1st clearance and/or availing input credit.
under excise audit you may face trouble if records are not maintained, as its mandatory to maintain records for every registration holder. ( you may get relief for closure period)
CAclubindia
