Excise Duty on Capital Goods
This query is : Resolved
TUSHAR SHARMA
(Querist)
20 July 2009
Sir,
We have purchased machinery 5 years back. We have utilised cenvat credit on the same as per Cenvat Credit Rules. Now we want to sale the same. Whether we have to pay excise duty on the same ? If yes, at what rate and on which amount ?
We have purchased machinery 5 years back. We have utilised cenvat credit on the same as per Cenvat Credit Rules. Now we want to sale the same. Whether we have to pay excise duty on the same ? If yes, at what rate and on which amount ?
CA Bosu babu
(Expert)
21 July 2009
yes u have to pay as per tariff rate given in tariff act....also what ever (credit you have taken - 2.5% per quarter) should be reversed from cenvat account
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