Reversal of exicse duty for Scrap generation
This query is : Resolved
05 May 2009
Hi,
Company purhases M.S Angles, STeel Plates, etc for producing heavy engineering goods. It has taken excise duty credit when it was purchased.
While production, some scrap is generated. So i want to know about excise treatment.
Does the company need to reverse some amount of the excise duy credit taken ?
Also reply me abt the rule number which governs the excise treatment on scrap.
Company purhases M.S Angles, STeel Plates, etc for producing heavy engineering goods. It has taken excise duty credit when it was purchased.
While production, some scrap is generated. So i want to know about excise treatment.
Does the company need to reverse some amount of the excise duy credit taken ?
Also reply me abt the rule number which governs the excise treatment on scrap.
06 May 2009
Where credit has been availed for the raw materials there should be a duty debit at the time of removal of the scrap. If the scrap is at the job workers end then either the JW or the princiapl would have to diuscharge the duty on the notional value of the scrap retained bythe JW.
The movement of the scrap is important to decide the timing of the debits.
The movement of the scrap is important to decide the timing of the debits.
07 May 2009
i AM MANUFACTURING AT MY FACTORY, IRON CHIPS ARE GENERATED WHICH ARE SOLD AS SCRAP.
AS REGARDS DEBIT, HOW AMOUNT IS DETERMINED.
DO WE HAVE TO REVERSE EXCISE CREDIT ON RAW MATERIAL ?
AS REGARDS DEBIT, HOW AMOUNT IS DETERMINED.
DO WE HAVE TO REVERSE EXCISE CREDIT ON RAW MATERIAL ?
07 May 2009
Pay duty on scrap. No reversal of duty is required.
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