Assessable Value
This query is : Resolved
11 April 2010
Dear Sir,
We are manufacturer of Ayurvedic Medicines.
At present we are paying the excise on MRP based i.e. 35% abatement we are taking.
In above case the invoice prepared under this is on higher side beacause we are giving almost 55 to 60% as scheme and discount to the buyer.
My question is whether we can go for transaction value and not for 35% abatement on MRP.
Mahenndra
We are manufacturer of Ayurvedic Medicines.
At present we are paying the excise on MRP based i.e. 35% abatement we are taking.
In above case the invoice prepared under this is on higher side beacause we are giving almost 55 to 60% as scheme and discount to the buyer.
My question is whether we can go for transaction value and not for 35% abatement on MRP.
Mahenndra
14 April 2010
The payment of excise duty on MRP depends on whether the product has been specified under Section 4A.Medicaments oter tha those used exclusively in ayurvedic... in chapter 30 are covered.
If yr product is exclusive used in ayurvedic then you could use transaction value.
If yr product is exclusive used in ayurvedic then you could use transaction value.
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
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Copyright software
- Value of property in capital gain
- Regarding appeal to GSTAT
- Form 121 & TDS deduction
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- 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
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
