Comprehensive Excise Solutions For Ready Made Garments, Which Makes It Easy For Companies To Manage Compliance, Regulatory Norms And Operations

Mumbai, India (PressExposure) March 08, 2011 -- In 2003 Government introduced Excise duty on textiles from Rs.1. The excise is charged from yarn to gray clothes to finished & readymade garments. Trade faces lots of confusion regarding departmental clarification & documentation process. After trade opposition the entire textile sector from yarn to garment kept out from excise with the optional scheme.

In the present budget, the optional scheme for payment of excise duty on readymade garments and textile made ups, which bear a brand name or which are sold under a brand name would no longer be available. An excise duty @10% is being imposed on such goods without Cenvat credit facility. (S.No. of notification No. 30/2004-CE as amended vide notification no.12 /2011-Central Excise refers).

The general SSI exemption has been extended to such goods. (Notification No. 8/2003-Central Excise as amended vide notification No.8 /2011-Central Excise dated 1st March, 2011 refers). The tariff value for charging duty on readymade garments and textile made-ups would be @ 60% of the retail sale price. (Notification No.20/2001- Central Excise (NT) as amended vide notification No.7 /2011-Central Excise (NT) refers).

Although this should take care of small manufacturers, it is abundantly clear that the levy does not apply to retail tailoring establishments that stitch garments in a customized manner to the size and style specifications of individual customers, whether it is out of the fabric purchased by the customer from the same establishment or a fabric supplied by the customer.

This levy takes effect from 01.03.2011, which means, all the garments / textile made ups which are cleared from the factory on or after 01.03.2011 would be subject to the central excise duty.

Udyog offers an excise solution to Garment industries which has specially designed excise format for readymade garments. This is in a matrix form & calculates MRP base excise duty automatically. It offers special module for job workers tracking which stock of garments can be maintained piece wise & size wise. It also provides challan to challan tracking so that company can get exact details of inventory which is required by excise department. Udyog's excise solution provides all excise registers & returns like ER-I, ER-III,ER-V & ER-VI which are required to be submitted to the department. Udyog provides online e-filing solution which is mandatory for excise register units. You can pay excise duty online & maintain PLA registers.

Udyog provides both standalone & Integrated Excise Solutions to garment industries. In Standalone Solution you need to enter all the data & print the reports. The integrated solution is a bridge to all major Accounting & Global ERP solutions. Udyog also extends consultancy services to those companies that want to set up & maintain the Excise process. "Pravin Sawant VP-Direct Sales, Udyog Software (I) Ltd said.

About Udyog software (I) Ltd

One-stop destination for all Indian Taxation Solutions,
India's largest selling Excise Software Company & 2nd Largest brand in India in Package Software (Dun & Bradstreet 2007 news),
Successful track record since 1993,
Over 10800 + Clients including Large MNC's & SME's,
93% Client retention ratio in the form of AMC,
Renowned Taxation Consultants on Panel,
In-house taxation experts to help us stay attuned to the dynamic & Complex Indian Statutory norms,
40+ channel partners pan India that avail local support & service,
Tie-ups with National Educational Institutes like IIJT, NIFA, Emacs, IIFCA, etc.,
Successful integration case studies with QAD- MFG/Pro, SAP R/3, Infor (SUN, BPCS, Adage, BAAN LN, Syteline), JD Edwards , Ramco Systems, Fourth Shift , Evolutions, Oracle & other customized ERP's,

Press Release Source: http://PressExposure.com/PR/Udyog_software_(I)_Ltd.html

Press Release Submitted On: March 08, 2011 at 4:35 am
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