If a manufacturer is having a turnover of Rs.70 lacs in preceding financial year, is he liable to pay excise duty? If No, then when is so liable?
Menu
Central excise act.
Replies (2)
Excise Duty is not payable on the amt of turnover there are mainly three conditions to be satisfied for levying Excise duty on a commodity:-
1) There must be goods
2) The goods must be excisable
2) The goods should be produced or manufactured within India
If a goods satifies the following three conditiond then excise duty can be levied.
he can avail SSI exemption upto 1.5 crore
Recent Topics :
- Capital Gain on sale of Depreciated Factory Gala
- Interesting Observation from a Recent Income Tax S
- ITR 3 Utility Not Taking Marginal Relief on Net To
- MV Electrosystems IPO Allotment Date, Status Check
- TDS payment code query
- Query on FLAIR return
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
Related Topics :
CAclubindia
