Effect of change of exice duty on the finished goods stock
This query is : Resolved
Lijiya Joseph
(Querist)
22 March 2013
Sir/Madam
The last finance bill had brought in the change of excise duty rate from 10% to 12%. Can anybody please tell me how we will treat the already manufactured finished goods.(Since excise duty is charged at the point of manufacture even if it is collected at the time of sale) Which rate will apply to those stock? Whether the rate prevailed at the time of their manufacture or the new rate.
The last finance bill had brought in the change of excise duty rate from 10% to 12%. Can anybody please tell me how we will treat the already manufactured finished goods.(Since excise duty is charged at the point of manufacture even if it is collected at the time of sale) Which rate will apply to those stock? Whether the rate prevailed at the time of their manufacture or the new rate.
Rajeev Kumar Garg
(Expert)
24 March 2013
EXCISE DUTY WILL BE CHARGED AT THE RATE WHICH IS APPLICABLE AT THE TIME OF REMOVAL OR SALE. THEREFORE, DUTY WILL BE CHARGED @ 12% NOT 10%.
THANKS
R.K. GARG
(CONSULTANT)
THANKS
R.K. GARG
(CONSULTANT)
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