Pls help me to provide the chapter id no of below material.
Heavy MS Scrap ( MS Tie Rod, Non usable Values etc). Light MS Scrap (Such as MS Pipes, Sheets, Tins etc).
Kindly clarify whether i have to discharged excise duty while i am selling these in scrap as, we have not availed excise credit at the time of buying MS Tie Rod, Valve, Pipes, Sheet etc as these items are being procured from dealer who is not registered in excise.
18 July 2016
Generally it happens in factories that they purchase angle, channel & some other iron items on which they dont avail cenvat credit. They use it in factory for repair of equipments, support, structures etc & some remaining / cutting parts are left which is sold as scrap. It can be sold without payment of duty as you have not availed cenvat on them. If these scrap generates due to discarding of capital goods then it has to be taken out of Fixed Assets Register & removed on payment of duty.
28 July 2016
Thank you sir for such nice reply. Can you pls confirm how to identified chapter ID no of the above item. Whether we need to mentioned chapter ID if it is not excisable.
CAclubindia
