Urgent* please need clarification

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proprietor
33 Points Joined February 2012

Dear all

Mine is an SSI unit with 1 crore turnover in the previous year. In this year upto Feb 2014 my sales turnover is Rs.1,50,05816/-. In this Rs. 60,00,000/- are exempted sales made to an Export oriented unit located in a Export zone SEZ.

DO I have to be registered to Excise Department or am I exempted.

Please give the information and help me regarding this.

Thank you

 

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On 17 March 2014 at 17:13 Report
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ca final
233 Points Joined August 2011

for ssi exemption, aggregate value of home consumption to be considered, sales made to 100% eou or unit in sez is considered as deemed export and not included in calculation of aggregate value of clearance ie 1.5cr.

so u r not required to get registered...

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On 17 March 2014 at 17:50
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Keen to learn something new every moment
2588 Points Joined June 2010
Yes For the purpose of calculating of limit of 1.5 cr these export are not counted hence u r not required to get registered.
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On 17 March 2014 at 21:53
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proprietor
33 Points Joined February 2012
Thank you very much nikhil and saroj. I would also like to know if I have to audit my income tax teturns as my taxable sales has not crossed 1 crore.
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On 18 March 2014 at 09:41
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Keen to learn something new every moment
2588 Points Joined June 2010
dear both income tax nd excise is governed by different acts nd they are diferent. As per income if ur gross recipt exceeds 1cr u hve to take audit. so irrespective of u covered for SSI u have to do audit since ur exemption limit exceeds limit prescribed.
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On 18 March 2014 at 11:27


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