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?
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?
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
R P S K & Associates
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