Diposal of FG which is not marketable now

This query is : Resolved

Mahendra Singh Dhatarwal (Querist)
Follow

12 January 2011 We would like to dipose some FG which is very old and not marketable. Plesae let us know the proceedure to dipose the same

Also let us know the duty rate and calculation of value for the same

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

12 January 2011 Marketability of goods is decided under excise as over all basis. It is not deceided on individual basis.

Duty will apply on disposal of FG.

Message likes : 1 times

Kishor Darole

Kishor Darole (Expert)
Follow

13 January 2011 Dear Mahendra,

The disposal of old FG goods is called as a "FG write-off" which will be on payment of duty with the Transaction value i.e. present market value or nearest sale value.

Raise the Tax Invoice & pay duty from Cenvat credit or PLA Account.

Regards
Kishor Darole

Upgrade to CAclubindia Pro. Subscribe Now!