sale of imported goods
This query is : Resolved
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
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
24 September 2010
Yes , you have to pay the excise duty on sale of goods.
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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