Hi all...
We know that SSI Exemption available when the Turnover of the Previous year does not exceed 400 Lakhs...
My Question is what will happen if the assessee has started its business only in the current year...
Is the Assessee eligible for SSI EXEMPTION????
yes,SSI unit is eligible for exemption .
Because as per the requirement of notification number 8/2003 the unit must have turnover less than OR equal to 400 lakhs in a previous year.
and in your case as unit was not in existence in a previous year that means its turnover was 'zero' which is less than 400 lakhs.
hence it is eligible for exemption in a current year.
| Originally posted by : prasanna | ||
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Yes pr yr value of clearacnes = manufactured goods removed [ not turnover] is NIL therefore eligible. |
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The SSI unit can opt for exemption, in case the turnover exceeds 400 lakhs in the year of exemption, exemption shall not be available in the immediate succeding year.
Good to see Madhukar Sir replying. Though we do not have the opportunity of getting trained under him, interaction through caclubindia is a great benefit.
Sir, I do not have any experience in Indirect taxation. So my question, though the notification uses the words 'clearances', can it be assumed as turnover???
thank you so much friends.....
CAclubindia
