excise duty

This query is : Resolved

CS ,CMA Shambhu Kr. jha (Querist)
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18 October 2010 dear experts
we have imported a machine and paid custom duty for that . i want to know that either that excise duty can be take as excise credit and again either yes up to what extent in this year ,

welcome all of yours valuable suggestion

B R Ramesh

B R Ramesh (Expert)
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18 October 2010 Hi

you can availe 50% of the credit as capital goods on CVD (Counter Vailing Duty) and 3% education cess on duty, except the custom duty.

balance duty will be utilzed next FY.

andl also if there is any Additional import duty of 4%

that also will treated the same.

finally when you are calculating the deprecition on machinary you should calculate the dep only the value of the machinery.not on the excise duty.