Excise duty on price revision
This query is : Resolved
25 July 2011
The case is as follows:
The goods are cleared from the factory for delivery to depot and excise duty is paid on the price existing at depot on date of removal from factory. Subsequently on reaching of goods at depot the price is revised upward & sold at such revised price to the outsiders (non-associated parties). Note - MRP is not stated on the goods. Price list is revised.
Pls calrify the duty payable on such goods and on the goods existing at depot before clearance such second consignment of goods from factory. Also clarify, the excise duty to be stated in the invoice during sale of goods to non-associated parties where the sale is made at such revised price.
The goods are cleared from the factory for delivery to depot and excise duty is paid on the price existing at depot on date of removal from factory. Subsequently on reaching of goods at depot the price is revised upward & sold at such revised price to the outsiders (non-associated parties). Note - MRP is not stated on the goods. Price list is revised.
Pls calrify the duty payable on such goods and on the goods existing at depot before clearance such second consignment of goods from factory. Also clarify, the excise duty to be stated in the invoice during sale of goods to non-associated parties where the sale is made at such revised price.
26 July 2011
Rule 7 of the vlauation rules clear that the subsequent price revision upwards or downwards would not be relevant.
However the next despactch wouldbe at the revised prices.
However the next despactch wouldbe at the revised prices.
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