Manufacturer - purchase and sale of final products- tax impl
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2015
If a manufacturer purchases and sells the final products due to what ever reason(short production, high demand etc.,,). what will the indirect tax implications and the cenvat credit implications...
17 February 2015
As incidence of excise duty arises on production or manufacture of goods, merely purchase and sale will not attract excise duty. Only vat is payable.
In relation to the goods specified in the Third Schedule, involves packing or repacking of such goods in a unit container or labelling or re-labelling of containers including the declaration or alteration of retail sale price on it or adoption of any other treatment on the goods to render the product marketable to the consumer is considered as manufacturing activity attracts excise duty.
In relation to the goods specified in the Third Schedule, involves packing or repacking of such goods in a unit container or labelling or re-labelling of containers including the declaration or alteration of retail sale price on it or adoption of any other treatment on the goods to render the product marketable to the consumer is considered as manufacturing activity attracts excise duty.
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