Assessable value

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2012 Dear sir,
i am filing online er-1 and facing some difficulties, hope that you may resolve this.
CETCH NO. : 24031031
DESCRIPTION OF GOODS: HANDMADE BIRIS
UNIT OF QNTY: U
OPENING VALUE: 647900
QNTY MANUFACTURED: 1761300
QNTY CLEARED : 1720000
CLOSING BALANCE: 689200
ASSESSABLE VALUE: ????????????

please provide me assessable value figure?
Client paid rs. 24801 (13760+8600+1720+481+240) as total excise duty on qnty cleared i.e 1720000.

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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03 February 2012 But in this case excise duty is leviable on the basis of specific rate of duty i.e. on the basis of quantity of goods cleared i.e. basic excise duty of Rs. 8 per thousand of biris cleared...Assessable value here will be the value at which goods are sold..

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U S Sharma

U S Sharma (Expert)
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04 February 2012 duty is paid 24080+EC481+S&HSEC 240

however the duty payable is 12 per th
and it does not confirm the quantity cleared as mentioned by yourself.

assessable value would not match the % but it should be gross value charged minus ED paid, as per invoice.

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CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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04 February 2012 Effective rate of duty is Rs. 8 per Thousand as per general exemption under Notification NO. 03/2006 dt. 01.03.2006 as amended by Notification No. 22/2007 dt. 03.05.2007

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Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 thanks for your quick concern..but my doubt is not yet cleared.
iam not geting the assessable value figure
Is I write assessable value = 1720000 which is also the quanity cleared figure or i write
sale figure which is rs. 338625.
but if i go for sale figure then it gives error when i give rate of percentage at the payable sheet of er-1 excel utility.

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 if we want to file return for the month of january 2012 then what year we will write at the form er-1,
is it 2011 or 2012?

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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04 February 2012 January 2012

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