Excise duty on sale of old machinery
This query is : Resolved
29 July 2013
Our company has purchased machinery (whole plant) in lumpsum from another company through agreement 3 years ago. we did not take any input credit on such machine.
Now, we are selling these machines. Do we need to charge excise duty on such invoice. Or will there be any reversal of excise duty.
Guide me about VAT also- factory located in Andhra state.
Thanks in advance.
Now, we are selling these machines. Do we need to charge excise duty on such invoice. Or will there be any reversal of excise duty.
Guide me about VAT also- factory located in Andhra state.
Thanks in advance.
RENGARAJ R.K
(Expert)
29 July 2013
IF YOU HAVE NOT AVAILED CENVAT, THERE IS NO NEED TO REVERSE.
REGARDING VAT, DID YOU TO AVAIL VAT INPUT TAX CREDIT ON CAPITAL GOODS- FOR THIS MACHINERY?
REGARDING VAT, DID YOU TO AVAIL VAT INPUT TAX CREDIT ON CAPITAL GOODS- FOR THIS MACHINERY?
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29 July 2013
Sir, Thanks for guidance.
regarding VAT, we did not take vat input credit.
regarding VAT, we did not take vat input credit.
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