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I need solution of this problem pls help experts
On 27 - 2-2105 ms.kareena industry palghar imported from USA a specially designed machine the cost of machine comprised the following :-
design & development cost 1300 $
production cost 7800 $
transport cost to US port 500 $
freight from US port to mumbai 1200 $
transit insurance 700 $
profit of US company 1500 $
freight from Mumbai to palghar 400 $
installation cost at palghar 300 $
the landing charges at mumbai @ 1 % of CIF cost . currency conversion @ 48 per Basic duty @ 20 % + cess @ 3 % counter veiling duty @ 10 % + cess 3 %
calculate :-
1. total duty payable
2. cost of machine
3. CENVAT credit avaliable immediately
Replies (5)
The total duty (including EC) payable will be Rs. 2,07,727/-
The Cost of Machine will be Rs. 8,71,567/-
The CENVAT Credit available will be Rs. 75,629/-
Sir pls could give me complet solution format pls i very much Thank full to you
Please sir can you give me complet solution format I am very much Thank you
Here you go:
| Production Cost ($) | 7,800 |
| Design & Development Cost ($) | 1,300 |
| Profit ($) | 1,500 |
| Transport Cost ($) | 500 |
| Transit Insurance ($) | 700 |
| Freight ($) | 1,200 |
| CIF ($) | 13,000 |
| Landing Charges ($) | 130 |
| Landing Cost ($) | 13,130 |
| Landing Cost (Rs.) (1 $ = Rs. 48) (A) | 630,240 |
| Basic Customs Duty @ 20% (B) | 126,048 |
| ( C ) = (A) + (B) | 756,288 |
| Countervailing Duty @ 10% of ( C ) | 75,629 |
| Education Cess @ 3% of BCD + CVD | 6,050 |
| 837,967 | |
| Freight from Mumbai to Palghar (Rs.) | 19,200 |
| Installation Cost at Palghar (Rs.) | 14,400 |
| Total Cost of Machinery | 871,567 |
| Total Duty (BCD + CVD + EC) | 207,727 |
CENVAT is available only on Countervailing Duty i.e. Rs. 75,629
Sir pls one more question and this was last pls
Q. M/S. savitha industry received the following articles during February 2012
particular amount
1. raw materials 480000
2. lubricating oil 60000
3. diesel 150000
4 . quality testing machine 190000
5. pollution control 80000
6. packing material 150000
7. processing material 160000
8. office equipment 120000
the excise duty is @ 14.42% calculate the total cenvat credit avaliable
Q. M/S. savitha industry received the following articles during February 2012
particular amount
1. raw materials 480000
2. lubricating oil 60000
3. diesel 150000
4 . quality testing machine 190000
5. pollution control 80000
6. packing material 150000
7. processing material 160000
8. office equipment 120000
the excise duty is @ 14.42% calculate the total cenvat credit avaliable
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