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sale of imported goods

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This query is : Resolved

Poorani (Querist)

23 September 2010 hi,
i have one doubt.

we have imported butterfly valves from china. we have not processed it further. we have taken cenvat credit on Cvd, Edu-cvd, Shec-cvd & Add duty. now we are going to sell them. we should pay Excise duty on sale of these goods are not ?

reply please

Regards,

poorani

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)

24 September 2010 Yes , you have to pay the excise duty on sale of goods.

Pradeep Jain

Pradeep Jain (Expert)

24 September 2010 As per provision of Cenvat credit Rules, one has to reverse the Cenvat credit (including SAD also) taken at the time of purchase of inputs if these are sold as such. you have told that you are removing them as such. Hence, you have to reverse the Cenvat credit irrespective of your sale price.

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