Hey Guys the limit for excise manufacturing sales is Rs 1 crore 50 lacs.Right?
Is vat and cst amount included in the assessable value?
Is Stock Transfer included in assessable value?
Thnx in Advance!!!!
Kedar Baliga (Article) (29 Points)
09 July 2011Hey Guys the limit for excise manufacturing sales is Rs 1 crore 50 lacs.Right?
Is vat and cst amount included in the assessable value?
Is Stock Transfer included in assessable value?
Thnx in Advance!!!!
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 09 July 2011
excise exemptino is 1.5 cr.
vat/cst is charged on "basic value+ excise" so at the time of calculating excise duty , vat /cst is not to be taken.
stock transfer from exciseable unit is little bit complicated, it need to be cleared on excise invoice and if its raw materials then not clubbed in clearance, but if finish goods then clubbed.
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 09 July 2011
the limit of 150 Lacs is Assessable value i.e. excluding VAT,CST and Excise Duty
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