Sale of fixed asset
This query is : Resolved
Amit Sheth
(Querist)
16 October 2015
We have in our books few machinery which were bought in 2007-08 year and carries forward . we took excise registration on 01.04.2011 . now we wish to sell the assets... That is machinery which are bought in 2007 -08 financial year
Now have to to charge excise duty on that sale if fixed asset or just charge the vat
Please clarify
Now have to to charge excise duty on that sale if fixed asset or just charge the vat
Please clarify
16 October 2015
If you have claimed CENVAT credit when you had purchased the machinery then you have to charge excise duty now also.
The rate of excise duty will be reduced by 2.5% for every quarter from the date of purchase of the asset.
The rate of excise duty will be reduced by 2.5% for every quarter from the date of purchase of the asset.
ajay taneja
(Expert)
16 October 2015
No need to charge excise duty on sale of machinery, as you got registration on 1/4/11. as the time of registration, you do claim cenvat on machinery, so you do not need to pay excise duty at the of sale of machinery.
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