Excise returns

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2015 We are manufacturing of Excise duty exempted product and also trading the same product.
Whether we have to file excise returns if file how to show the trading activity of the same product

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2015 We are manufacturing of Excise duty exempted product and also trading the same product.
Whether we have to file excise returns if file how to show the trading activity of the same product

Asha Kanta Sharma online

Asha Kanta Sharma online

(Expert)
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21 July 2024 If you are manufacturing excise duty exempted products and also trading the same products, here’s how you generally handle excise returns and trading activities:

1. **Exemption Status**: Since your manufacturing activities are for excise duty exempted products, you may not have any excise duty liability to report or pay. However, you still need to comply with certain excise return filing requirements even if your products are exempt.

2. **Excise Return Filing**: As per excise regulations, even if you are exempted from paying excise duty, you are required to file excise returns. These returns serve to report details of production, clearances (sales), and other activities related to excisable goods.

3. **Types of Returns**: Typically, excise returns are filed on a monthly basis. The exact format and details required may vary depending on the jurisdiction and the nature of your business activities. You would need to check with your local excise authorities for the specific forms and procedures applicable to your business.

4. **Trading Activity Reporting**: If you are also trading the same products that you manufacture, this activity needs to be clearly separated in your excise returns. You would typically report trading activities separately from manufacturing activities.

- **Details to Include**: In your excise return, you would need to specify:
- Quantity of goods traded (purchased and sold).
- Value of goods traded.
- Any other relevant details specific to the trading activity (e.g., details of purchases, sales invoices).

5. **Documentation**: Maintain proper documentation such as purchase invoices, sales invoices, stock records, etc., to support the trading activities reported in your excise returns.

6. **Consultation**: If you are unsure about the specific requirements or forms for excise return filing in your jurisdiction, it is advisable to consult with a tax advisor or legal expert who specializes in excise regulations. They can provide guidance tailored to your specific circumstances and ensure compliance with all applicable laws and regulations.

By following these steps, you can ensure that you meet your excise return filing obligations accurately, including reporting any trading activities related to excisable goods that are exempt from excise duty.

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