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Scrap Sales

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03 May 2011 Pl. provide your valuable opinion whether below material is excisable or not

High Tensile galvanised steel wire
MS Binding wire
M.S. Mixed
Plastic scrap
MS belts rolling mill scrap
wooden scrap battens etc
MS Barrels
Used Oil Scrap
Paper Scrap

What are the excise duties & ass. value to be declare on above.

03 May 2011 If the same arises in the course of manufacture of excisable goods yes.

Raw material containers may not be liable.

03 May 2011 IF SCRAP GENERATED DURING THE PROCESS OF MANUFACTURING THEN EXCISE, VAT AND TCS ARE LIABLE ON SALE OF SCRAP




03 May 2011 Dear Prashanth

If the Scrap Generated from Manufacturing Process it will be liable to pay Excise duty.

The Assble Value is Depends upon "PRESENT MARKETABLE VALUE of THE ABOVE SCRAPS"

First Decide market value of the scrap and then levy central excise and other applicable taxes on it.

IMPORTANT : Ensure The above scraps are generated form Manufactruing process only. then only you have liable to pay excise duty.

03 May 2011 it may be possible u can get some exemptions for excise duty in any of the above scrap but it depend upon the manufacturing process or the final product u r getting along with the scrap

11 May 2011 thanks to everbody for their valuable suggestion.



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