Excise duty on sale of machine
This query is : Resolved
27 June 2013
We have purchased a machine from non-excisable unit in Rs 4.7 Lacs in Nov-2012. Now, today we want to sale the same in Rs. 5.1 Lacs. We, excisable & manufacturing unit. Should we impose excise duty @ 12.36% on this transaction?
please advise.
please advise.
27 June 2013
Since the unit is purchased from non exisable unit, you might not have paid any Excise duty and have not availed any CENVAT Credit.
Now at the time of sale of asset, you are not required to reverse the CENVAT Credit taken since you have not paid availed any CREDIT.
Now at the time of sale of asset, you are not required to reverse the CENVAT Credit taken since you have not paid availed any CREDIT.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Last year TDS Claim
- Long Term Service award taxability in hands of company
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
