We are manufacturing stainless steel utensils from circle . We have opted for compound levy scheme and paying central excise duty on Stainless Steel circle during th entire calender year on monthly basis @12360/= per month. After crossing the limit of 1.50 crores, we are paying central excise duty on stainless steel utensils @2% along with the fixed duty under compound levy scheme. Someone has told us that if we are paying duty on S.S.circle under compound levy scheme, we cannot take the exemption of 1.50 crores for paying duty on finished produtcs,i.e.S.S.Utensils and we are to pay central excise duty from day one.
Is there any bar for availing exemption for SSI industries of Rs.1.50 crore if we are paying duty on our intermediate product under compound levy scheme?
