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?
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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
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