Ssi excise query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 November 2011
We are an SSI unit opted for duty payment from 1st April from itself without taking 150 lacs exemption benefit. We have shifted our factory to new premises during July after reaching 50 lakhs turnover. While shifting we have surrendred the license.
After shifting we have not taken license till we reach 150 lakhs and cleared the goods without payment of excise from 50 lkhs to 150 lakhs and obtained license once we rached 150 lakhs.
Are we correct in doing this or is there any liability as we did not take licese immdlty after shifting.
After shifting we have not taken license till we reach 150 lakhs and cleared the goods without payment of excise from 50 lkhs to 150 lakhs and obtained license once we rached 150 lakhs.
Are we correct in doing this or is there any liability as we did not take licese immdlty after shifting.
11 November 2011
once the assessee has opted to pay duty without taking benefit of notification 8/2003, the same can not be changed during the financial year.
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