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I need solution of this problem pls help experts

moinuddin (job import export ) (73 Points)

30 May 2016

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

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Manish Jain (Chartered Accountant) (119 Points)
Replied 30 May 2016

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/-

moinuddin (job import export ) (73 Points)
Replied 30 May 2016

Sir pls could give me complet solution format pls i very much Thank full to you

moinuddin (job import export ) (73 Points)
Replied 30 May 2016

Please sir can you give me complet solution format I am very much Thank you

Manish Jain (Chartered Accountant) (119 Points)
Replied 30 May 2016

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

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moinuddin (job import export ) (73 Points)
Replied 30 May 2016

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