Urgent* please need clarification

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

 

Replies (4)

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...

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.
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.
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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