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The Finance Minister has proposed several tax relief measures for the small-scale industry. This includes the raising of ceiling for small-scale industry exemption based on turnover from the level of Rs. 3 crore per year to Rs. 4 crore per year. Further, SSI units will now have only two options: either full exemption on the first clearance of Rs. 1 crore or normal duty on the first clearance of Rs. 1 crore with CENVAT credit.
SB/MVVS/NVN/KKA
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