31 December 2008
Currently, I m in an Audit of a Dairy industry
here the normal practise is, we sell a Product to some branded companies after manufacturing at our plant. we procure a packing material for those product(Butter,Ghee,Cheese etc.)
What are the Excise and Custom duty implications WRT output liability and CENVAT Credit? (Also provide me the related Notifications and Circulars for these purpose)
10 January 2009
Normally these products do not attract Central Excise duty, and hence cenvat credit is not avaiable on inputs. The duty paid on inputs and packing material, as it is not creditable, should be treated as expenses.
CAclubindia
