Excise duty on Stock Transfer

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Narendra (Querist)

24 June 2011
Dear All
We are sending / receiving the Excise able components & Finished goods to / from our mother plant by collecting/paying of Excise duty 10% ,Edu.Cess 2% & She Cess 1% . I got information , if we are making stock transfer of Rs.100/- then we have to calculate the Excise duty by considering the Assessable value Rs.110/- instead of Rs.100/- If this is correct please suggest me about the notification / circular issued by Commissioner.

Regards,
Narendra Lenka
Bangalore

S.P.Mahanta

S.P.Mahanta (Expert)

24 June 2011 Stock Transfer is covered Rule 7 of Central excise Valuation rules'2001. Under this rule, valuation of Final products removed from factory to be done on the basis of value of similar goods removed from place of removal ie depot or premise of consignment agent at or about same time & if there is no such removal, then time nearest to time of similar removal.

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Narendra

Narendra (Querist)

25 June 2011 Dear Mahanta Sir, Thanks a lot for your support in this regards,

Regards,
Narendra Lenka

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