Excise duty in sale of machine
This query is : Resolved
Vipin Kumar Sharma
(Querist)
20 December 2012
DEAR SIR
WE ARE PVT LTD MFG. CO. WE PURCHASED A CNC MACHINE ON 10-10.2012 OF RS 10,50000.00 EXCISE DUTY WAS ON THIS MACHINE RS 129780.00 NOW WE ARE TRANSFERING THIS MACHINE TO OUR ANOTHER UNIT IN BANGLORE ON VALUE OF RS 14,00,000.00, PLEASE TELL ME WHAT WILL BE OUR EXCISE LIABILITY.
THANKS & REGARDS
WE ARE PVT LTD MFG. CO. WE PURCHASED A CNC MACHINE ON 10-10.2012 OF RS 10,50000.00 EXCISE DUTY WAS ON THIS MACHINE RS 129780.00 NOW WE ARE TRANSFERING THIS MACHINE TO OUR ANOTHER UNIT IN BANGLORE ON VALUE OF RS 14,00,000.00, PLEASE TELL ME WHAT WILL BE OUR EXCISE LIABILITY.
THANKS & REGARDS
Arun Kumar Singh
(Expert)
20 December 2012
your query is some complicated. You are registered under excise or not. If you have cleared the goods from your factory excise duty will be payable. If you have to transfer the capital goods after used and after some time depreciation will be available on the goods.
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