Rate of duty
This query is : Resolved
SHIVANSHU GUPTA
(Querist)
13 June 2013
Dear Experts,
1)Our company produce auto motive parts and tools & dies.
2) Tools & Dies which company produce is used for production of auto motive parts.
3) On these tools & Dies we take benifit of exemption notification 67/95.
Now, I want to ask 1) what if we sold these Tools & dies after 4 years ?
Date of rate of tax applicable ?
2)Is exemption of 67/95 remain valid or we have to pay duty as per explanation of Rule 5 of CER 2002 ?
1)Our company produce auto motive parts and tools & dies.
2) Tools & Dies which company produce is used for production of auto motive parts.
3) On these tools & Dies we take benifit of exemption notification 67/95.
Now, I want to ask 1) what if we sold these Tools & dies after 4 years ?
Date of rate of tax applicable ?
2)Is exemption of 67/95 remain valid or we have to pay duty as per explanation of Rule 5 of CER 2002 ?
PAWAN KUMAR
(Expert)
13 June 2013
You have to pay duty at present rate 12.36% on the transaction value on sale of these tools & dies because as per the 67/95 you have been completely consumed these tools & dies and claimed exemption from excise duty. Now these are basically waste & scrap resulting from the manufacturing activity.
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