Turnover limit of ssi exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2012
RESPECTED SIR,
WHAT IS THE TURNOVER LIMIT OF SSI ASSESSEE IF HE CROSSES 1.5 CRORE IN THE OCT-11 THEN WHAT IS TURNOVER LIMIT THAT HE COMES IN THE EXCISE FOR ALWAYS,IS IT 3 CRORE OR 4 CRORES
WHAT IS THE TURNOVER LIMIT OF SSI ASSESSEE IF HE CROSSES 1.5 CRORE IN THE OCT-11 THEN WHAT IS TURNOVER LIMIT THAT HE COMES IN THE EXCISE FOR ALWAYS,IS IT 3 CRORE OR 4 CRORES
02 January 2012
SSI are eligible for exemption from duty under Notification No. 8/2003-CE dated 1-3-2003. The SSI unit need not be registered with any authority.
Unit whose turnover was less that Rs 4 crores in previous year are entitled to full exemption upto Rs 150 lakhs in current financial year. SSI unit can avail Cenvat credit on inputs and input services only after it starts paying duty. However, Cenvat credit of capital goods can be availed even if these were received during period of exemption.
Broadly, items generally manufactured by SSI (except in tobacco, matches and textile sector) are eligible for SSI exemption. Some items like pan masala, matches, watches, tobacco products, Power driven pumps for water not confirming to BIS, products covered under compounded levy scheme etc. are specifically excluded, even when these can be manufactured by SSI. Some items like automobiles, primary iron and steel etc. are not eligible for SSI exemption, but anyway, these are beyond capacity of SSI unit to manufacture.
for more information:
http://dateyvs.com/cenex09.htm
Unit whose turnover was less that Rs 4 crores in previous year are entitled to full exemption upto Rs 150 lakhs in current financial year. SSI unit can avail Cenvat credit on inputs and input services only after it starts paying duty. However, Cenvat credit of capital goods can be availed even if these were received during period of exemption.
Broadly, items generally manufactured by SSI (except in tobacco, matches and textile sector) are eligible for SSI exemption. Some items like pan masala, matches, watches, tobacco products, Power driven pumps for water not confirming to BIS, products covered under compounded levy scheme etc. are specifically excluded, even when these can be manufactured by SSI. Some items like automobiles, primary iron and steel etc. are not eligible for SSI exemption, but anyway, these are beyond capacity of SSI unit to manufacture.
for more information:
http://dateyvs.com/cenex09.htm
02 January 2012
Agree with expert Mr. verma
1.Declaration after sale cross the limit of 90Lac.
2. Registration under excise after sales exceeds 150 lac.
3. SSi limit of exemption 400 lac
1.Declaration after sale cross the limit of 90Lac.
2. Registration under excise after sales exceeds 150 lac.
3. SSi limit of exemption 400 lac
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