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
Arun Kumar Singh
(Expert)
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- Tax on Amount transferred in HUF Account
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
