18 June 2008
whether the cost of gunny bags used to store & sell the manufactured sugar can be included in the cost for the valuation of finished goods.
and secondly, whether the excise duty paid on the gunny bags can be availed as cenvat credit. a case supporting the availment of cenvat will help me, as at present excise authorities has denied the cenvat on the same
18 June 2008
For valuation of stock,following amounts shall be taken into account 1.cost of purchase 2.Manufacturing cost 3.duties and taxes paid 4.other expenses incurred to bring the goods to present condition
Whereas gunny bags are packing materials without which sugar can be manufactured and sold in the market.Normally packing materials would not be considered for valuation of stock.
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