Float stock movements

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..... Float stock movements
Query (Issue) Started By: - Sharan B Dated:- 8-9-2014 Last Reply Date:- 8-9-2014 Central Excise
Got 2 Replies
Central Excise
Dear Expert, we r procuring parts from Import and local sourcing, clearing goods under legal metrology act(i.e. declaring MRP for Packaged commodity) as parts of our opern.We are moving some float units viz,Engines,cabins,gear box, etc, to .....

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..... unregistered location to support customer requirements for certain period of time and similarly will return back of some times. All materials would get insured based on transactions. How can we move these parts in such locations,documentation process- plz advise me Reply By Pradeep Khatri: The Reply: Dear Sharan, You may remove such goods on challan and goods must be returned back within 180 .....

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..... days otherwise you would have to pay the equivalent CENVAT credit and when you get these goods back you can avail the CENVAT credit back after closing the challan. For VAT purpose, way bills(if applicable) should be accompanied with such goods and proper account of such way bills should be maintained. Further, if the location of your customer is in other State, then, "Form F" under CST A .....

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..... ct,1956 may be applicable. Please check your State's VAT/CST provisions in this matter. Further, depending on the nature of transaction (i.e. effective control/right to use), VAT/Service Tax can be applicable. Regards, YAGAY and SUN (Management and Indirect Tax Consultants) Reply By Naveed S: The Reply: If some float units viz,Engines,cabins,gear box, etc, are Regularly required to be cl .....

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..... eared to unregistered location to support customer requirements for a certain period of time, then you can keep such float items separately and clear from Stores department under - "Returnable gate passes" ; provided you do not avail cenvat credit but you can certainly claim depreciation thereon. A register can be maintained for issue and receipt of such float items, no need for any exc .....

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..... ise formalities.
Discussion Forum - Knowledge Sharing .....

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