Imported machine is going to sell by eou in local domestic m

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2014 we have purchased the imported machine 9 years before and for selling the machine which has purchased duty free under EOU scheme right now we are selling the same in Indian market what duty we need to pay and what its depreciation cost to be reduced and if any vat[sale tax] has to pay for this and shall I utilized its total duty payment in my input service tax credit pls suggest in this

Arun Kumar Singh

Arun Kumar Singh (Expert)
Follow

17 June 2014 If you have taken the cenvat credit after purchase the capital goods then you need to pay duty at the time of sale of goods after use other wise no need to pay duty.

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

17 June 2014 in my opinion, you need to de bond the machinery by calculate the value of machine as on date i.e. net value after depreciation, then apply the rate of duty which is supposed to levy as is it is imported with duty.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 Dear Sirs

Thank you very much for your valuable suggestion of both experts and I will do as you directed

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

18 June 2014 welcome, please to know it helping u.

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

18 June 2014 since this is matter of EOU, its procedure are different, so please see related provision before proceeding.