23 July 2011
IF THE COMPANY HAS AVAILED CENVAT CRDIT ON THE ASSET WHEN IT WAS PURCHASED, THEN YOU HAVE TO PAID EXCISE DUTY AT THE TIME OF SALE OF ASSETS.
EXCISE DUTY WILL BE REDUCED 2.5% FOR EACH QUARTER FROM THE DATE OF ASSET PURCHASE.
I.E IF YOU AVAILED EXCISE DUTY ON ASSET RS. 100/-
YOU ARE SELLING IT AFTER 5 YEARS, THEN YOU HAVE TO PAY EXCISE DUTY ONLY RS. 50/-
I.E 2.5*20 QUARTER I.E 50% OF DUTY , YOU HAVE NOT TO PAY.
CAclubindia
