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Disposal of Asset As a scrap, Central Excise

Issue Id: - 110322
Dated: 9-5-2016
By:- Swapneswar muduli

Disposal of Asset As a scrap


  • Contents

Dear Sir,

We disposed our old unused assets as a scrap and we remove this assets from our books of accounts.

So we need to pay excise how much sale value we received from scrap sales or we calculate reduce 2.5 % per quarter and than we pay the duty accordingly which one is correct method in above case ?

Regards

Swapneswar Muduli

Posts / Replies

Showing Replies 1 to 4 of 4 Records

Page: 1


1 Dated: 9-5-2016
By:- KASTURI SETHI

Transaction Value is correct.


2 Dated: 9-5-2016
By:- surya narayana

Dear Friend,

I endorse the view of Shri. Kasturi Sethi Ji while giving a small advise as an abundant caution that please ensure mentioning in the clearance invoice after the item name ( Scrap ) or write as as a prefix Scrapped to the item name.

Best Regards

Suryanarayana


3 Dated: 9-5-2016
By:- KASTURI SETHI

Sh.Surya Narayana Ji,

Thanks Sir for correctly completing my reply.


4 Dated: 9-5-2016
By:- Ganeshan Kalyani

Thanks to experts. It enriched my knowledge. Thanks.


Page: 1

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