Sold of scrap
This query is : Resolved
26 November 2012
Dear Sirs,
We are manufacturing Laqured Metallised polyester film, We have taken CENVAT CREDIT of all raw material which are used to make a final product, During this procedure we got some wastage from all the machine and sold them with very low price near 1000/-. Actual value as per costing could be more than 50000/- aproximately.
My points are:
1) Whether the consignee who receive the scrap is need to be register firm or unregistered firm? if No, Can we sold wastage to any individual?
2) Whether any Excise Duty levied on Sells of wastage amount? if yes the how much? on transaction value (1000/-)? or on costing value?(More than 50000/-)
Please explain.......!
Thanks!
Sohil Patel
We are manufacturing Laqured Metallised polyester film, We have taken CENVAT CREDIT of all raw material which are used to make a final product, During this procedure we got some wastage from all the machine and sold them with very low price near 1000/-. Actual value as per costing could be more than 50000/- aproximately.
My points are:
1) Whether the consignee who receive the scrap is need to be register firm or unregistered firm? if No, Can we sold wastage to any individual?
2) Whether any Excise Duty levied on Sells of wastage amount? if yes the how much? on transaction value (1000/-)? or on costing value?(More than 50000/-)
Please explain.......!
Thanks!
Sohil Patel
29 November 2012
1. you can sale the scrap to any body register or unregistered firm.
2. duty will be payable on transaction value.
2. duty will be payable on transaction value.
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