I want to know the STATUTORY procedure required to be followed for
1]Removal of goods from factory to depot of the company in the same city/state/another state(for storage of Goods,not for sale) and if latter sales take place from that depot, is it ok if invoice is raised from main office/factory
2]Export of goods under EPCG scheme(extra documents required other then normal export)
Documents required to follow above procedures.
Menu
Transfer of Goods
Replies (2)
before removal of goods to depot, excise duty should be paid taking the price prevailing on the date of removal at such depot as the assesable value and such removal should be made under an invoice.
Regarding first part of your question,
Since duty is to be paid at the time of Removal of goods from the factory at the then prevailing rate of duty & assessable value.
Assessable Value, in this case, shall be the value at which the same article is being sold at or about the same time in the same depot for which consignment is ready for transport.
When goods reach the depot, these are duty paid goods and are outside the ambit of Excise. So, these can be sold under a commercial invoice which may be simple cash memo or may be as per applicable VAT laws.
Recent Topics :
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
Related Topics :
CAclubindia
