Scrap sale
This query is : Resolved
13 September 2011
Dear all Experts
We are registered manufacturing company in excise. We sale Parts and accessories of the motor vehicles .CETSH No 87089900.we have rejected material of past few year our vendor not taken it back. We want to sell it as a scrap. We want to know what the process of scrap sale in the point of excise and what the procedure to sell it as a scrap.
Thanx and Regards,
Amit
We are registered manufacturing company in excise. We sale Parts and accessories of the motor vehicles .CETSH No 87089900.we have rejected material of past few year our vendor not taken it back. We want to sell it as a scrap. We want to know what the process of scrap sale in the point of excise and what the procedure to sell it as a scrap.
Thanx and Regards,
Amit
13 September 2011
Issue Bill with Excise and sales Tax and also charge TCS on sale of scrap.
Teriff heading of excise will be change as per Items
if Stainless steel srcap and miled steel scrap then Teriff heading 72044900
Teriff heading of excise will be change as per Items
if Stainless steel srcap and miled steel scrap then Teriff heading 72044900
Message likes :
1 times
15 September 2011
1) rejection after clearance of goods from factory site after payment of duty will not entitle you to get back the duty paid.
2) if the goods are entered in RG-1(DSA), then you have to ask the R/O for physical supervision of "destruction of finished goods" and reverse the input credit in RG23A-Part2 which is used for such goods.
3) other than above 1) & 2) you have to enter the scrap as bye-product in DSA(RG-1) and clear the same on invoice and pay duty on transaction value.
2) if the goods are entered in RG-1(DSA), then you have to ask the R/O for physical supervision of "destruction of finished goods" and reverse the input credit in RG23A-Part2 which is used for such goods.
3) other than above 1) & 2) you have to enter the scrap as bye-product in DSA(RG-1) and clear the same on invoice and pay duty on transaction value.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
