Chetan Purohit (Chartered Accountant) (49 Points)
02 November 2012Urgent .. Please share your knowledge..!!!
x company used to sold the inputs purchased for the production to the third party at the value less than the purchase amount, then what will be the implication of excise duty in it.
example : x purchased at the rate of 100 rs. Excise duty paid 12 rs. Now material is sold at rs 80 to third party as it was not used in the production. Excise duty at 80 rs is 9.6 rs. Then what will be the implication of differential duty.
Kindly reply..
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 02 November 2012
duty is to be reversed @ 100 price, i.e 12.36,
selling of inputs at any cost will not change the tax per unit.
Dharam Singh
(Manager - Commercial & MPL)
(32 Points)
Replied 10 November 2012
Goods removed as such shall attract the amount of duty of taken at the time of purchase
CAclubindia
