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 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 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.

Is excise duty still applicable?

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 are the basic condition for excise duty?

1) There must be goods. 2) The goods must be excisable. 3) Excisable goods must be manufactured or produced in India.

What is basic excise duty?

An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).

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.

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.

How many are the basic rate of excise duty and custom duty respectively?

At the moment, excise duty is charged at 12.36\% but it varies based on the kind of products. GST, on the other hand, has standard rates at 0\%, 5\%, 12\%, 18\%, and 28\% depending upon the kind of product.

What is difference between excise duty and GST?

Excise duty is levied on the manufacture of goods and levied at the time of removal of goods. While GST will be levied on the supply of goods and services. In GST, Excise duty’s place has been taken by Central GST as excise is levied by Central Government and revenue from CGST will also be of Central government.

Are SSI units eligible for exemption from excise duty?

Thus, a manufacturer being an SSI unit is eligible for exemption from excise duty up to a turnover of ₹150 lacs (exemption limit) during the current year provided the turnover (aggregate clearances) in the previous year does not exceed ₹400 lacs.

Are small units of electrical goods eligible for excise exemption?

For example, Bata gets many of their Chappals made from small units. Similarly, Bajaj Electricals/Philips India etc. get many electrical goods made from small units with Bajaj/Philips brand name. In such cases, the small unit will not be eligible for excise exemption.

What are the legal provisions dealing with registration under Central Excise Law?

The legal provisions dealing with Registration under Central Excise Law are as under:- 1. Provides for registration by prescribed person engaged in manufacture or production or wholesale purchase, sale or storage of specified goods. 2. Empowers government to specify person or class of persons who do not require registration.

Which mines are exempt from Central Excise Registration under GST?

Provides exemption from Central Excise registration to Mines producing coal, coke or Tar (goods falling under chapter heading 2701, 2702, 2703, 2704 and 2706 when producer has centralized billing and accounting system and premises from where centralized billing done is registered. 7.