Calculation of turnover

[Asked by Guest]

Our sales comprises of direct exports+domestic sales under exemption certificate under 10/97+other domestic sales I would like to know for calculating excisable turnover Wheter I can reduce direct export + sales under 10/97 exemption certificate and then if balance is 1,5 crore then I am expected to pay excise duty is it correct?

[Surender Gupta]

Yes, for claiming exemption upto 1.5 crore, you can deduct the clarace of direct export + sales under notificatio no. 10/97. However for calculating turnover of the previous year, clearing under notification no. 10/97 shall be taken into account.

AI Summary

Turnover calculation: deduct export and notified exempt sales for current exemption but include notified clearances in prior-year turnover.
Direct export sales and domestic clearances under Notification No. 10/97 may be deducted from current turnover when claiming the exemption threshold, but clearances under Notification No. 10/97 must be included when calculating the previous year's turnover for statutory threshold purposes.