Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

Excsie duty on coal tar

Save Share

This query is : Resolved

Ramkrishna (Querist)

03 September 2011 A co. is engaged in making of exempted (caol tar goods) prior to finace bill 2011 not. change for 135 items. my question is that they had following stock as on 28.02.2011 which were accquired on "NIL" rate of duty:

1. Raw material : 10 lacs rupes
2. Finsihed Goods : 5 Lacs rupees

Whether we had to clear this both stock on payment of excise duty or not?

Its urgent? and whethe SSI not is availabel for this gruop items

Madhukar N Hiregange

Madhukar N Hiregange (Expert)

04 September 2011 As understood, the first is stocks of raw materials. If so there is no excise duty as the same is not manufactured goods.

On finsihed goods if not removed and available in stcok the duty has tobedischarged. 150 lakhsexemption is available if the pr yr value of clearacnes ofmanufactured goods isless than 400 lakhs + other conditions.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now