excise duty
This query is : Resolved
18 October 2010
dear experts
we have imported a machine and paid custom duty for that . i want to know that either that excise duty can be take as excise credit and again either yes up to what extent in this year ,
welcome all of yours valuable suggestion
we have imported a machine and paid custom duty for that . i want to know that either that excise duty can be take as excise credit and again either yes up to what extent in this year ,
welcome all of yours valuable suggestion
B R Ramesh
(Expert)
18 October 2010
Hi
you can availe 50% of the credit as capital goods on CVD (Counter Vailing Duty) and 3% education cess on duty, except the custom duty.
balance duty will be utilzed next FY.
andl also if there is any Additional import duty of 4%
that also will treated the same.
finally when you are calculating the deprecition on machinary you should calculate the dep only the value of the machinery.not on the excise duty.
you can availe 50% of the credit as capital goods on CVD (Counter Vailing Duty) and 3% education cess on duty, except the custom duty.
balance duty will be utilzed next FY.
andl also if there is any Additional import duty of 4%
that also will treated the same.
finally when you are calculating the deprecition on machinary you should calculate the dep only the value of the machinery.not on the excise duty.
RAMESH KUMAR VERMA
(Expert)
18 October 2010
AGREE WITH MR. RAMESH JI
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