What is SSI exemption in central excise?
SSI whose turnover is less than Rs. One hundred fifty lakhs are exempted from registration. Once the turnover limit exceeds, the unit should be registered with Central Excise Authorities. SSI whose turnover is more than the specified limit (at present Rs. 90 Lakhs), but less than exemption limit (i.e. Rs.
What are concessions allowed to SSI units under central excise law?
SSI units whose turnover is 150 Lakh are exempted from registration. Once the exemption limit exceeds, the unit shall compulsory gets registered with the central Excise authorities….Exemption For Small Scale Units (SSI) Under Central Excise.
| Particulars | Rs. |
|---|---|
| LESS (if included in the above) | |
| Export turnover | X |
| Clearances to EOU/SEZ/EHTP/STP/UN | X |
| Non excisable goods | X |
What are general provisions of SSI exemption?
Under the SSI scheme, the unit whose value of clearance was less than ` 4.00 crore in previous year are entitled to full exemption upto ` 1.50 crore in current financial year. All clearances from 1st April in chronological order have to be considered for the purpose of calculation of exemption limit of ` 1.50 crore.
What is central excise clearance?
As soon as goods are ready for despatch to the port of shipment, exporter has to apply to the central excise authority for excise clearance of the cargo. The exporter has, now an option to remove the goods with inspection by the central excise or remove the goods without inspection.
What are the tax concessions available for SSI?
Under Section 32 of the Income Tax Act, 1961, a small-scale industry is entitled to a deduction on depreciation account on block of assets at the prescribed rate. Small enterprise is allowed subject to a maximum of Rs. 20 lakh deduction for depreciation on plant and machinery on the diminishing balance method.
Is excise duty applicable after GST?
Yes, excise duty has been subsumed by the Goods and Service Tax (GST) along with other indirect taxes. However, excise duty is still levied on certain items like petroleum and liquor.
What is considered Supplemental Security Income?
What is Supplemental Security Income? It provides cash to meet basic needs for food, clothing, and shelter. Achieving a Better Life Experience (ABLE) – a spotlight on tax-advantaged savings accounts that an eligible individual can establish and use to pay for qualified disability-related expenses.
Which goods are exempted from excise duty?
2012 exempts excise duty on specified goods intended to be used for the installation of a cold storage, cold room or refrigerated vehicle, for the preservation, storage, transport or processing of agricultural, apiary, horticultural, dairy, poultry, aquatic & marine products and meat, subject to observance of the …
What are the documents needed for central excise clearance?
The documents used are Invoice and AR4/ AR5 forms. As soon as goods are ready for dispatch to the port for shipment, the production department of export firm is to apply to the central excise authority for excise clearance of the goods. The exporters prepare six copies of AR4/AR5 forms.
Which form is required for central excise clearance?
Central Excise Clearance: Document # 5. CT-1 form is issued by the designated central excise authority with which the manufacturer exporter or merchant exporter executes the legal undertaking (LUT) or bond, respectively.
When did SSI get exemption from Central Excise?
Notification no.8/2003 provides relaxation to SSI units from central excise duty subject to certain conditions.
Which is the exemption limit for SSI in India?
SSI units whose turnover is
Which is small scale exemption under Central Excise Act?
1) Meaning of Small Scale Exemption. Under the provisions of the Central Excise Act a Small Scale Industry is one whose aggregate value of Turnover does not exceed Rs. One Hundred and Fifty Lakhs made on or after the 1st day of April in any financial year.
When to file exemption declaration under Central Excise?
Such declaration has to be filed only once in the lifetime of the assessee (and not every year). SSI units whose turnover is ≤ ₹ 150 lacs are exempted from registration. Once the exemption limit exceeds, the unit shall compulsorily get registered with the Central Excise authorities. a.