ON CYCLE THERE IS EXCISE DUTY OF 1% IS IMPOSED - SUBJECT TO NOT AVAILING OF CENVAT CREDIT. WHAT WILL BE THE CASE IN CASE OF CVD , IT WILL BY DEFUALT 1% AS CENAVT RULES ARE NOT APPLICABLE TO FOREIGN COUNTRIES.
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 24 March 2011
CVD is Equivalent to excise duty imposed if the such goods are produced or manufacured in india.
So in the current case it should be 1%.
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