We are about to start a new corrugated box manufacturing unit in Bangalore.
We have registered as an SSI, also registered PAN,TAN, VAT,CST, KS&CE certificates.
We are waiting for our machines to arrive.
No material has been purchased or sold.
We have a copy of our customers purchase order(sample copy)
In their payment they have addes Basic Excise Duty-BED(4%) + Education Cess (2%) + S Cess(1%)+ VAT(5%)
Now from what I have read we don't need to register till we cross 1.4-1.5C turnover (Which we will within 5 months)
But we will not cross 400 lac limit in any year.
So what should the process be like ?
Do we start collecting the BED only after we cross 1.5C or do we keep collecting it throughout?
I'm an engineer and I don't know much about accounting as you can see. :)
Please let me know if you need any more information.