Excise Duty on Scrap
This query is : Resolved
19 May 2011
Dear Sir,
We are selling some old machineries as scraps from our factory. Do we require to pay excise duty apart from VAT?
Pl suggest
We are selling some old machineries as scraps from our factory. Do we require to pay excise duty apart from VAT?
Pl suggest
19 May 2011
no you don't have to pay excise duty on old machinery sold only vat will be payable
19 May 2011
capital goods clared as scrap on which input credit is not availed, are not liable for excise duty.
if input credit has been availed then you have to pay duty on transaction value.
if input credit has been availed then you have to pay duty on transaction value.
20 May 2011
if you will clear the capital goods by declaring the capital goods you have to dabit the whole duty after deprecating 10% per year
suppose capital goods are 5 year old you have to decrease the duty amount by 50% which you took credit at the time of purchase
suppose capital goods are 5 year old you have to decrease the duty amount by 50% which you took credit at the time of purchase
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