About discount in Central Excise ?
This query is : Resolved
10 December 2009
Hi,
We have sold some excisable products to some body, then after selling the products the concern party refuses to pay the total amount, so, after some bargainings we used to give 50% discount in total value of the invoice. So, is it possible to reduce the duty on the deducted amount or not ? Please tell us the entire proceedure for discounts in Excisable products.
We have sold some excisable products to some body, then after selling the products the concern party refuses to pay the total amount, so, after some bargainings we used to give 50% discount in total value of the invoice. So, is it possible to reduce the duty on the deducted amount or not ? Please tell us the entire proceedure for discounts in Excisable products.
10 December 2009
Assuming the query pertains to the manufacturer Assessee who is statutorily required to pay duty at the time of removal of goods from the place of manufacture for sale or otherwise.
In Central excise provisions, the goods is assessed for duty at the time of removal from factory and the Assessee is required to pay duty by the 5th of next month on the prevailing sale value. In case once duty in such manner is paid then any subsequent reduction in sale price, no doubt entails the Assessee to claim refund but this refund claim is gone through unjust enrichment and availment of CENVAT credit by purchaser and if claim fails on these aspect, no refund is allowed under Section 11B of the Central Excise Act,1944.
In Central excise provisions, the goods is assessed for duty at the time of removal from factory and the Assessee is required to pay duty by the 5th of next month on the prevailing sale value. In case once duty in such manner is paid then any subsequent reduction in sale price, no doubt entails the Assessee to claim refund but this refund claim is gone through unjust enrichment and availment of CENVAT credit by purchaser and if claim fails on these aspect, no refund is allowed under Section 11B of the Central Excise Act,1944.
11 December 2009
The Quarry is well replied by Sanjay Jain
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- Multiple trade mark
- Copyright software
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
