Excsie duty on coal tar
This query is : Resolved
03 September 2011
A co. is engaged in making of exempted (caol tar goods) prior to finace bill 2011 not. change for 135 items. my question is that they had following stock as on 28.02.2011 which were accquired on "NIL" rate of duty:
1. Raw material : 10 lacs rupes
2. Finsihed Goods : 5 Lacs rupees
Whether we had to clear this both stock on payment of excise duty or not?
Its urgent? and whethe SSI not is availabel for this gruop items
1. Raw material : 10 lacs rupes
2. Finsihed Goods : 5 Lacs rupees
Whether we had to clear this both stock on payment of excise duty or not?
Its urgent? and whethe SSI not is availabel for this gruop items
04 September 2011
As understood, the first is stocks of raw materials. If so there is no excise duty as the same is not manufactured goods.
On finsihed goods if not removed and available in stcok the duty has tobedischarged. 150 lakhsexemption is available if the pr yr value of clearacnes ofmanufactured goods isless than 400 lakhs + other conditions.
On finsihed goods if not removed and available in stcok the duty has tobedischarged. 150 lakhsexemption is available if the pr yr value of clearacnes ofmanufactured goods isless than 400 lakhs + other conditions.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Relief u/s Section 89
- REGARDING SECTION 44AE
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
