Menu
Excise duty calculation
Dear Experts
Kindly help me to calculate duty for this tool. – Capital goods
1 We have purchase the tool on 01/05/2013 at RS.100000 with payment of duty Rs.12360 at the rate of 12.36%
2.Now we need to sell this tool our vendor for Rs. 136000
3.Kindly explain me the calculation of excise duty payment
Replies (2)
The calculation is correct but If you are registered with central excise then you can issue the taxable invoice and buyer can take the cenvat credit on capital goods.
Dear Kumar
Your question is not clear. Are you a dealer of the tool you have purchased or you had purchased it for your own consumption?
Moreover Excise duty is leviable only on manufacture. As you have not done any manufacturing on the tool hence you are not liable to pay any excise duty. You can simply pass on the the CENVAT credit to the vendor. For this you will have to get registered under Central Excise.
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
