Hi,
Goods are sent out for job processing on 2nd of Jan, 2014 and they are supposed to be returned within a period of 180 days if not duty has to be paid.
The goods have not been returned within a period of 180 days and as per the rule taxes have to be paid. For the excise invioce being genearted what should be information shown with resepct to the following
1. Movemnt of goods - can we refer the challan on which goods are sent out for sub contracting / job processing?
2. At the time of removal for job processing or sub contracting the tax rate is say 10% and when the goods are not recevied with in 180 days the invoice has to be prepared on 181 day, the tax rate on 181 day is 12%. so the invoice is to be created with a tax rate for 10% or 12%?
Logically speaking it would say tax has to be charged at rate of 12% as it is date of invoice being created or raised. Please correct me if i am wrong.
Regards
Gupta
CAclubindia
