What is the defination of Small Scale Industries as per Excise Law? Is Excise exemption limit calculated every year? If it is calculated every year then is it possible that the the product sold during the exemption period is cheaper then the product sold after the exemption period?
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A small scale industry means, for the purposes of SSI exemption is a unit whose turnover in the previous year is less than 4 crores. In this turnover certain turnovers like export turnover etc. is not included. A small scale unit is exempted from duty for the first domestic clearance of 1.5 crores.
Theoretically yes, as the goods are not suffering the duty burden. But practically it doesnt happen.
Hi Sneha
ssi meaning is not define in excise act .
Exemption is availabe to ssi on turnover of Rs 150 lakhs .That is calculated every year ,if the turn over is less than 400 lakhs in last year.(it is calculated every year ) than the unit is ssi and can avails exemption .
unit can sale less the last year sale prise.
bye
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