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New Rate of Excise U/R 6, in place of 10%
Manufacturing of exempted goods there is three options for reversing the duty, which are as below:
1. Seprate input account for exempted and excisable items
2. Reversed amount should be calculate by a defined formula
3. and debiting the 10% of exempted goods value
after issuing of Notn No. 58/2008 Excise duty is reduced from 14% to 10% than what will be new rate for the above third (3) point.
Replies (2)
it will not change .above method is defined for taking cenvat credit
if we debit 10% u/r 6 than there is no difference in excisable and exempted goods and what will be the benifit of exemption?
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