Amit Prakash Singh (Accountant) (295 Points)
08 March 2011
Dear All Expert
We purchase exmpted good from Parwanoo,Himachal (Excise Exemption based Area) in delhi and doing trading of that material without excise becuase it is exempted good ( under notification no 49/50/2003) .We sell material as it is reciept
Can we do that trading plz rply urgently
Thanx in advance
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 08 March 2011
There is nothing illegal in trading area based exempted goods .
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 08 March 2011
you just have to maintain seperate stock inventary and issue seperate invoice ( seperate series of commercial invoices preferred) for such goods, as common invoice for your own excisable goods and exempted traded goods will lead confussion for accounts and audit.
Amit Prakash Singh
(Accountant)
(295 Points)
Replied 11 March 2011
Dear sir
We are sending Packing material like cartoon box,labels for that trading good to manufacture of that good .Can we do this and it is necessary to manufacture name on label or "marketed by " is ok for it.
Sir we have old stock of trding not saleable on which only " Marketed by" is mention not manufacture name.Is it create problem for us .
Thanx in advance
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 11 March 2011
| Originally posted by : Amit Prakash Singh | ||
 |
Dear sir We are sending Packing material like cartoon box,labels for that trading good to manufacture of that good .Can we do this and it is necessary to manufacture name on label or "marketed by " is ok for it. Sir we have old stock of trding not saleable on which only " Marketed by" is mention not manufacture name.Is it create problem for us . Thanx in advance |
 |
seperate stock books and seperate accounts / records for trading goods is the good solution for such cases.
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 20 March 2011
The identification mark of the manufacturer is essential to prove that the said product is not manufactured by your own company.
Further if the same produt is being manufactured in the brand owned by your company then also it will invite litigation.
The storage area of such trading goods should also be demarked and intimated to your range office.
CAclubindia
