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Reversal of cenvat credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 April 2013 A company engaged in service industry earns marginal profits from sale of goods. How to calculate the reversal of cenvat credit on the same ?
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Gorav Kumar Goyal

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Gorav Kumar Goyal (Expert)
16 April 2013 Exicse duty to be calculated on transaction value, if it is not less than value of goods purchased.

In your case you are selling at profit, so excise duty shall be paid at transaction value.

Gorav Kumar Goyal
G K Goyal & Associates
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
31 May 2013 Rate of cenvat to be divided by rate + 100 to arrive at the value
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