Excise duty on sale of machine
This query is : Resolved
27 June 2013
We have purchased a machine from non-excisable unit in Rs 4.7 Lacs in Nov-2012. Now, today we want to sale the same in Rs. 5.1 Lacs. We, excisable & manufacturing unit. Should we impose excise duty @ 12.36% on this transaction?
please advise.
please advise.
27 June 2013
Since the unit is purchased from non exisable unit, you might not have paid any Excise duty and have not availed any CENVAT Credit.
Now at the time of sale of asset, you are not required to reverse the CENVAT Credit taken since you have not paid availed any CREDIT.
Now at the time of sale of asset, you are not required to reverse the CENVAT Credit taken since you have not paid availed any CREDIT.
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