Scrap Sales
This query is : Resolved
03 May 2011
Pl. provide your valuable opinion whether below material is excisable or not
High Tensile galvanised steel wire
MS Binding wire
M.S. Mixed
Plastic scrap
MS belts rolling mill scrap
wooden scrap battens etc
MS Barrels
Used Oil Scrap
Paper Scrap
What are the excise duties & ass. value to be declare on above.
High Tensile galvanised steel wire
MS Binding wire
M.S. Mixed
Plastic scrap
MS belts rolling mill scrap
wooden scrap battens etc
MS Barrels
Used Oil Scrap
Paper Scrap
What are the excise duties & ass. value to be declare on above.
03 May 2011
If the same arises in the course of manufacture of excisable goods yes.
Raw material containers may not be liable.
Raw material containers may not be liable.
03 May 2011
IF SCRAP GENERATED DURING THE PROCESS OF MANUFACTURING THEN EXCISE, VAT AND TCS ARE LIABLE ON SALE OF SCRAP
03 May 2011
Dear Prashanth
If the Scrap Generated from Manufacturing Process it will be liable to pay Excise duty.
The Assble Value is Depends upon "PRESENT MARKETABLE VALUE of THE ABOVE SCRAPS"
First Decide market value of the scrap and then levy central excise and other applicable taxes on it.
IMPORTANT : Ensure The above scraps are generated form Manufactruing process only. then only you have liable to pay excise duty.
If the Scrap Generated from Manufacturing Process it will be liable to pay Excise duty.
The Assble Value is Depends upon "PRESENT MARKETABLE VALUE of THE ABOVE SCRAPS"
First Decide market value of the scrap and then levy central excise and other applicable taxes on it.
IMPORTANT : Ensure The above scraps are generated form Manufactruing process only. then only you have liable to pay excise duty.
03 May 2011
it may be possible u can get some exemptions for excise duty in any of the above scrap but it depend upon the manufacturing process or the final product u r getting along with the scrap
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
