25 July 2008
A manufacturing company has imported the scrap materials on which Counterveiling Duty (CVD) is charged @16% in the month of Feb. Company has received the goods in the month of Feb and taken Excise Credit on receipt of goods. Later on govt. has changed the rate of levy of duty from 16 % to 14 % and company has removed the goods as such clear from factory in the month of may with the same excise rate. So whether act of the company is correct ? please explain in detail with relevant provision in the Excise Act.
23 September 2009
In as such cases you have to clear the goods with the rate of duty when you have procured. company did correct job. Change of duty rates not effects for as such clearances.
CAclubindia
