My Company is manufacturing Printing Machines..this month we are crossing turnover of Rs.1.5 Crore..
My question are :::
1) How Excise will be apllicable.....?????
2) From Current Year or from Next Year..
3) if it comes under excise this year,will excise be applicable for next Year..????
HI,
Once you exceed Rs.1.5 Cr then you have to charge Excise Duty on all your removals..
For next year you will have to charge excise duty from first day if current year taxable removal is more than Rs. 4 Cr.
However for counting taxable sales there is certain exemption viz. exports, supplies to EOU etc..
Thnaks
Upto the turnover of Rs. 1.5cr is exempt from excise duty. After 1.5cr from current year, you need to registered with excise and pay the duty as per central excise tariff act 1944. SSI units whose turnover is less than Rs. 4cr are eligibale for the concessions.
CAclubindia
