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.
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