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BASIC EXEMPTION LIMIT FOR REGISTRATION IN EXCISE - Central Excise |
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BASIC EXEMPTION LIMIT FOR REGISTRATION IN EXCISE |
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Dear All Members , One of my client in engage in manufacturing in ceiling fan blades , exhaust fan blades and during the current year he had sales nearly Rs.1 Crore . Whether he is liable for Excise Registration ? What is the basis exemption limit for Excise Registration in terms of turnover ? I will be highly oblidged please clarify the limit of non required Excise Registration comes under SSI . Thanks BKGARG |
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Under SSI regulations this limit is up-to 1.50 crore and up-to 4.00 crore paying the duty on concessional rate is optional. After crossing this limit you would have to pay the excise duty on full rate. | ||||
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Exemption under notification, no. 8/2003 CE is applicable to SSI units, the main criterial which is taken into account for deciding the eligibility for exemption is that the turnover of Rs. 4 crores in the preceding financial year. According to the conditions of the notification, a manufacturing unit can avail the SSI exemption upto Rs. 1.5 crore in the current financial year, if the turnover of the previous year is not exceeding Rs. 4 crores. | ||||
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