In february 2012 ,The govt. has retrospectively reduced the prices of coal w.e.f. 1.1.2012. For the payment of excise duty, for coal removed in the month of january 2012, which price shall be considered - original or reduced price?
In my opinion it should be based on original price since any change in the price of goods after its removal is irrelevant for the purpose of excice duty as per Supreme Court in case of MRF.
once the goods are removed on invoice, then no chance in prices or duty is possible. However if the duty is payable ( not paid till the date of notification) then the party has to take benefit by intimating the R/O and pay the revised duty.
A R JADHAV AND ASSOCIATES
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