Excise

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2014 Dear Sir,

If we purchased a capital goods i.e. a machine then we credit 50% excise duty in current year and balance in next year. If the machine after two months become demolished due to short circuit & we further sale the demolished machine as a scrap then how much duty we will debit either 50% or 100%

Arun Kumar Singh

Arun Kumar Singh (Expert)
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20 March 2014 If capital goods are removed as scrap, the manufacturer shall pay an amount equal to duty payable on transaction value. in other words, an amount equal to duty on scrap value should be paid.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 Thanks Sir for giving your valuable advise.

Thanks once again.

Regards
Deepak Bisht

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