Applicability of excise duty on trading of rice?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2012
My client is engaged in the business of TRADING of rice. No manufacturing & other processing has been done by him on it. He purchases rice as a wholesaler & sales goods to retail customers. Moreover, he has to pay excise duty on purchase of rice. I want to know whether excise duty will be applicable on TRADING? If yes, at what rate?
S.P.Mahanta
(Expert)
11 May 2012
Excise duty leviable only on manufacturing/processing.
CA CS Amit S. Kedia
(Expert)
12 May 2012
No, Excise duty is not applicable on trading activity. The excise duty borne by you at the time of purchase is expenditure for you.
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