EXCISE LIABILITY ON OLD ASSET SALE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 July 2011
WE WANT TO SALE AN OLD ASSET.
WHAT WILL BE THE LIABILITY ? PROCIDURE ? ( EXCISE AREA )
WHAT WILL BE THE LIABILITY ? PROCIDURE ? ( EXCISE AREA )
CMA Ramesh Krishnan
(Expert)
23 July 2011
Excise is applicable on manufacturing of goods, but sale of old asset may apply VAT, so please check the local vat act
23 July 2011
IF THE COMPANY HAS AVAILED CENVAT CRDIT ON THE ASSET WHEN IT WAS PURCHASED, THEN YOU HAVE TO PAID EXCISE DUTY AT THE TIME OF SALE OF ASSETS.
EXCISE DUTY WILL BE REDUCED 2.5% FOR EACH QUARTER FROM THE DATE OF ASSET PURCHASE.
I.E IF YOU AVAILED EXCISE DUTY ON ASSET RS. 100/-
YOU ARE SELLING IT AFTER 5 YEARS, THEN YOU HAVE TO PAY EXCISE DUTY ONLY RS. 50/-
I.E 2.5*20 QUARTER I.E 50% OF DUTY , YOU HAVE NOT TO PAY.
EXCISE DUTY WILL BE REDUCED 2.5% FOR EACH QUARTER FROM THE DATE OF ASSET PURCHASE.
I.E IF YOU AVAILED EXCISE DUTY ON ASSET RS. 100/-
YOU ARE SELLING IT AFTER 5 YEARS, THEN YOU HAVE TO PAY EXCISE DUTY ONLY RS. 50/-
I.E 2.5*20 QUARTER I.E 50% OF DUTY , YOU HAVE NOT TO PAY.
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