Sold of scrap
This query is : Resolved
26 November 2012
Dear Sirs,
We are manufacturing Laqured Metallised polyester film, We have taken CENVAT CREDIT of all raw material which are used to make a final product, During this procedure we got some wastage from all the machine and sold them with very low price near 1000/-. Actual value as per costing could be more than 50000/- aproximately.
My points are:
1) Whether the consignee who receive the scrap is need to be register firm or unregistered firm? if No, Can we sold wastage to any individual?
2) Whether any Excise Duty levied on Sells of wastage amount? if yes the how much? on transaction value (1000/-)? or on costing value?(More than 50000/-)
Please explain.......!
Thanks!
Sohil Patel
We are manufacturing Laqured Metallised polyester film, We have taken CENVAT CREDIT of all raw material which are used to make a final product, During this procedure we got some wastage from all the machine and sold them with very low price near 1000/-. Actual value as per costing could be more than 50000/- aproximately.
My points are:
1) Whether the consignee who receive the scrap is need to be register firm or unregistered firm? if No, Can we sold wastage to any individual?
2) Whether any Excise Duty levied on Sells of wastage amount? if yes the how much? on transaction value (1000/-)? or on costing value?(More than 50000/-)
Please explain.......!
Thanks!
Sohil Patel
29 November 2012
1. you can sale the scrap to any body register or unregistered firm.
2. duty will be payable on transaction value.
2. duty will be payable 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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
