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Excise duty

Final 499 views 1 replies

radha

nil

198 Points Joined May 2011

Can anybody advise me how to treat excise duty in this case:

Sales made and excise duty also paid..but later sale prices were reduced so issued credit note..so how to treat excise duty already paid..wil it b included or not?

Its really urgent..Thks in advance

Replies (1)

Raghav Toshniwal

student

450 Points Joined July 2010

Hii radha,

Changes in the prices after removal of goods from factory does has no effect on the assessable value, hence if goods removed on payment of duty, based on declared price, subsequent reduction of price for whatever reason, would not create a claim for refund of Central Excise duty paid on the quantum of price reduced.

Similarly, no differential duty is payable if such goods are sold afterwards at higher prices.

Regards

RAGHAV