Filing of return

[Anup Kumar Grover]

New Co, turnover expected to less than Rs 4 crore, what is the periodicity of return filing under Central Excise Act.

[Guest]

As per Central Excise provisions, all assessees except assessee availing SSI exemption is required to file returns only on monthly basis - Refer Rule 12 of Central Exicse rules

[Surender Gupta]

Yes, if you were availing SSI exemption during the current financial year and turn over exceeds 4 crore, you are entitled to continue with quarterly return. But, from the subsequent years, you are required to file monthly returns.

AI Summary

Small businesses under Rs 4 crore turnover can file quarterly returns if availing SSI exemption; otherwise, file monthly. A new company with an expected turnover of less than Rs 4 crore inquires about the periodicity of return filing under the Central Excise Act. A respondent clarifies that, according to Central Excise provisions, all assessees, except those availing of the Small Scale Industries (SSI) exemption, must file returns monthly. Another contributor adds that if the company avails of the SSI exemption and the turnover exceeds Rs 4 crore, it can file quarterly returns for the current financial year, but must switch to monthly returns in subsequent years.