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
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.
CAclubindia
