Excise duty on sales of assets
This query is : Resolved
Mandeep Manocha
(Querist)
04 August 2012
We are selling fixed assets which we had imported 1.5 years back. We did not take the CENVAT credit but we depreciated the full value of the Assets (including CVD) in our books.
Now during the sale, are we liable to charge a excise duty?
Looking forward to your kind input.
Now during the sale, are we liable to charge a excise duty?
Looking forward to your kind input.
CA CS Amit S. Kedia
(Expert)
04 August 2012
No, excise duty is applicable on manufacture of goods or at the time of sale if credit of the excise duty is taken at the time of purchase.
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