Assessable value

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srivallidivya (Querist)
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05 May 2014 How do we calculate Assessable value for the purpose of calculating excise duty on MRP, Non MRP products?
Is it levied at the rate of 101 % on cost before considering abatement?
If Yes, will it be the same for both MRP as well as NON MRP products?

Arun Kumar Singh

Arun Kumar Singh (Expert)
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06 May 2014 The assessable value will be determine for the purpose of excise duty if MRP is not mention on the products.

srivallidivya

srivallidivya (Querist)
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06 May 2014 what is the basis for determining such assessable value?
Also in the case of MRP Products, what is the basis for calculating abatement?
For eg. if abatement allowed is 20% on a product (MRP), do we need to calculate on cost of the product or assessable value?

Arun Kumar Singh

Arun Kumar Singh (Expert)
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06 May 2014 Assessable value means transaction value of the goods. Abatement is depend upon the classification of goods. You should consult with any professional.

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