Excise duty on steel scrap
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 January 2011
Steel Scrap is the raw material for a product that a company is manufacturing. Steel scrap was purchased (imported) in the year when excise duty was 16%. Credit for excise duty was taken at that time.
The scrap remained unused and was sold in the current year. Whether excise duty is chargeable on such sale of scrap?
The scrap remained unused and was sold in the current year. Whether excise duty is chargeable on such sale of scrap?
16 January 2011
Input credit has to be reversed at the time of sale of scrap.
B R Ramesh
(Expert)
16 January 2011
Hi
as per the excise act the scarp also chargble goods.
therefore you need to charge the excise duty when you are clearing the scarp from the factory.
or if you want to destroy the scarp you should take special permission from the excise office. to destroy or burn the scrap.
as per the excise act the scarp also chargble goods.
therefore you need to charge the excise duty when you are clearing the scarp from the factory.
or if you want to destroy the scarp you should take special permission from the excise office. to destroy or burn the scrap.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
