What is SSI exemption?

Under the SSI scheme, the unit whose value of clearance was less than ` 4.00 crore in previous year are entitled to full exemption upto ` 1.50 crore in current financial year. All clearances from 1st April in chronological order have to be considered for the purpose of calculation of exemption limit of ` 1.50 crore.

What is SSI exemption in central excise?

The Small Scale Industry (SSI) is given certain relief under the Central Excise law by passing exemption notification. … The exemptions given to Small Scale Industry is not applicable for all the goods, the benefits are restricted to the products listed in the SSI exemption notification.

Is it mandatory to pay duty on all goods manufactured?

Yes, it is mandatory to pay duty on all goods manufactured, unless exempted. … Similarly exemption from payment of duty is available, based on conditions such as kind of raw materials used, value of turnover (clearances) in a financial year, type of process employed etc.

Does SSI payments count as income?

Social security benefits include monthly retirement, survivor and disability benefits. They don’t include supplemental security income (SSI) payments, which aren’t taxable. … You report the taxable portion of your social security benefits on line 6b of Form 1040 or Form 1040-SR.

What is taxable event in excise duty?

The taxable event in excise duty is the manufacture or production of goods, as provided in Section 3(1)(a) of the Central Excise Act, 1944. … Taxable event is the manufacture or production of goods.” Hence, the date of determining the rate of tax is when the goods are manufactured as it is the taxable event.

Which goods are exempted from customs duty?

The provisions of Section 25(2) of the Customs Act for exemption from Customs duty are applicable in respect of goods, which are of secret or strategic nature or are meant for being used for charitable purposes. Imports to meet country’s defence needs relating to requirements of armed forces.

What items are charged duty?

Duty is a tariff payable on an item imported to Canada.
…
Value in Canadian dollars
  • tobacco;
  • books;
  • periodicals;
  • magazines;
  • alcoholic beverages; and.
  • goods ordered through a Canadian post office box or a Canadian intermediary.

What are the basic requirements for an event to be taxable?

The taxable event in GST is supply of goods or services or both. Therefore, supply will hold the greatest significance and shall be an important event in determining the taxability of all transaction whether commercial or otherwise under the GST regime. The term, “supply” has been inclusively defined in the Act.

What is the difference between Customs and excise duty?

Main difference between custom duty and excise duty can be defined as below: The duty which is levied on the goods which are manufactured in the country is called excise duty whereas the duty which is levied on the goods which are imported from a foreign country is called as custom duty.

What is difference between income tax and excise duty?

Income tax is charged on the personal income of individuals. Excise duty is charged on goods that are produced or made in factories. … Income tax is charged only for those who earn above a certain amount. Excise duty is charged on all factory goods.