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EXCISE LIABILITY ON OLD ASSET SALE

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2011 WE WANT TO SALE AN OLD ASSET.
WHAT WILL BE THE LIABILITY ? PROCIDURE ? ( EXCISE AREA )
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CMA Ramesh Krishnan

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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
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
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.
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