Central Excise – Exemption from Registration – File Your New Declaration
As per Notification No. No. 36/2001- Central Excise (N.T), dated the 26th June, 2001, SSI units are exempted from Registration Control as long as they are fully exempt – However they are required to file a declaration if they have crossed in the preceding year or are likely to cross in the current year the Specified Limit . This Specified Limit now, is the Full Exemption Limit minus sixty Lakhs Rupees which is 150 Lakhs minus 60 lakhs = Rs. 90 Lakhs.
Now this Notification is amended to stipulate that the SSI units have to file a revised declaration for the previous year 2007-08 by 31st October, 2008. Now has the concept of ‘previous year' under the Income Tax Act imported into Central Excise?
This revised declaration to be filed by the SSI units, is as complicated or rather identical to the Annual Capacity Declaration required to be filed by all the assessees. These units are also required to furnish their PAN and VAT Registration details.
The Central Excise Department should start a Declaration Preparers Scheme to assist the assessees, especially the SSI units in filing these declarations.
Notification NO. , Dated: September 29, 2008