EOU
This query is : Resolved
10 September 2010
dear sir,
we are 100% EOU of Gold Ornaments ( mfg & Export). we are participating in an International Jewellery Exhibition. For display in exhibition, we will take on approval & returnable basis gold ornaments from our sister concern who is also mfrs of the same (who are only selling it in indial only). After exhibition is over, we will bring back the ornaments into india and then return the same to our sister concern. From excise point of view can an EOU do the same ? if yes, what proceedure to follow ?
awaiting your reply,
thnxs in advance
anckoor.
we are 100% EOU of Gold Ornaments ( mfg & Export). we are participating in an International Jewellery Exhibition. For display in exhibition, we will take on approval & returnable basis gold ornaments from our sister concern who is also mfrs of the same (who are only selling it in indial only). After exhibition is over, we will bring back the ornaments into india and then return the same to our sister concern. From excise point of view can an EOU do the same ? if yes, what proceedure to follow ?
awaiting your reply,
thnxs in advance
anckoor.
10 September 2010
Actuallly in this case it is not an actual sale of the goods. EOU is mostly set up for the Export of goods and Excise gives benefit if its exported.
One way is to get the goods out on the returnable basis as it is done for job work and get it back.
Other way is to show it as a sale and when it gets back to india can reverse the credit..
I will advice for the first one.
One way is to get the goods out on the returnable basis as it is done for job work and get it back.
Other way is to show it as a sale and when it gets back to india can reverse the credit..
I will advice for the first one.
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