dear sir i intend to establish a fans manufacturing or manufacturing of components for fan industry i would like to know the rules and limits of excise ,turn over,when to declare to excise department,and who can visit our premises from excise department and when can they visit and what are thier powers
It is not clear the volume of your company. If it is SSI unit then no need to pay excise duty upto the assessable value reach 150 lacs. But as soon as your assessable value touch Rs. 90-100 lacs , then you require excise registration ( on-Line),After making registration in excise you have to submit nil duty ER-1 (Monthly Return). Simultaneously you need to raise excise invoice also.
You jurisdictional Range Superintendent will visit the factory, to verify the factory premises and manufacturing unit.
Notification No.8/2003-CE read with notification No.36/2001-CE(NT), DT. 26.6.2001 allows you no excise upto Rs.150 lakhs and also no registration. But you have to file a declaration after reachin clearances of value of Rs. 90 lakhs.
RAKSHIT
advrcverma @ gmail.com
CAclubindia
