Is excise duty included in turnover?
Is excise duty included in turnover?
In our view, sales tax and excise duty also do not have any element of “turnover” which is the position even in the case of rent, commission, interest etc. It is important to bear in mind that excise duty and sales tax are indirect taxes. They are recovered by the assessee on behalf of the Government.
What are the exemption for small scale industries under 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.
What are the slabs in SSI excise exemption?
a) SSI units whose turnover are more specified limit (at present Rs. 90 Lakh) but less than exemption limit (i.e. Rs. 150 Lakh) have to file a declaration in the prescribed form….Exemption For Small Scale Units (SSI) Under Central Excise.
| Particulars | Rs. |
|---|---|
| Clearances to EOU/SEZ/EHTP/STP/UN | X |
| Non excisable goods | X |
| Goods manufactured with brand name of others on payment of duty | X |
Is it mandatory to pay duty on all goods manufactured?
It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT). It is mandatory to pay duty on all goods manufactured, unless exempted.
Which exemption is granted by notification?
5.1 The Government vide notifications grant absolute ( unconditional ) or conditional exemption. If a notification grants unconditional exemption from GST and specifies the rate of goods and /or services as the NIL rate, the taxable person cannot collect and pay tax on such a supply of goods and/ or services.
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 is considered Supplemental Security Income?
SSI stands for Supplemental Security Income. Social Security administers this program. We pay monthly benefits to people with limited income and resources who are disabled, blind, or age 65 or older. Blind or disabled children may also get SSI.
Who is liable to pay excise duty and when it is payable?
The liability to pay tax excise duty is always on the manufacturer or producer of goods. There are three types of parties who can be considered as manufacturers: Those who personally manufacture the goods in question. Those who get the goods manufactured by employing hired labour.
