TaxTMI 
TaxTMI 
If a firm has levy duty from March 2011' for their goods @1% of eligible turnover (after adjusting SSI limit) but its total turnover at the end of the FY 2010-11 would be less than Rs.4 Crores then whether it is necessary to levy duty from 1st april 2011' or after acheiving the SSI Limit of 1.5 crores for FY 2011-12?
SSI limit applicable
18 Mar 2011 
2 Replies 
4839 Views Asked by
SSI exemption threshold depends on prior year turnover; if prior turnover exceeds the prescribed limit, duty applies on excess.
Where a firm's taxable turnover in the preceding financial year exceeds the statutory upper limit, the SSI exemption is unavailable and duty must be paid on all taxable turnover in the current year. If the preceding-year taxable turnover does not exceed that upper limit, the SSI exemption applies for the current year and duty is payable only on current-year taxable turnover exceeding the SSI exemption threshold. (AI Summary)
Where a firm's taxable turnover in the preceding financial year exceeds the statutory upper limit, the SSI exemption is unavailable and duty must be paid on all taxable turnover in the current year. If the preceding-year taxable turnover does not exceed that upper limit, the SSI exemption applies for the current year and duty is payable only on current-year taxable turnover exceeding the SSI exemption threshold. (AI Summary)