TMI BlogGOVT NOTIFICATION NO 51/96-CUSTOM DATED 23/07/1996X X X X Extracts X X X X X X X X Extracts X X X X ..... We have received a certificate of registration from IIT Chennai for Excise exemption in terms of Govt Notification no 51/96-Customs dated 23/07/1996 and Central Excise duty exemption in terms of Govt. Notification No 10/97-Central Excise dated 01/03/1997 as amended from time to time. My query is this certificate says that we have not to pay excise, however our customs says we have to pay @6% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excise duty. Kindly clarify,. regards Joseph Mathew - Reply By Rajagopalan Ranganathan - The Reply = Sir, Notification No. 51/96-CUS dated 23.07.1996 states that 5% duty is leviable and exempt from whole of additional custom leviable under section 3 of Customs Tariff Act . Under Central Excise, Notification No. 10/97-CE dated 01.03.1997 exempts the said goods from the whole of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excise duty leviable. Therefore any goods imported for research purupose is leviable to 5% duty and any goods procured from domestic manufactures is fully exempted. - Reply By JOSEPH MATHEW - The Reply = Sir, We do not keep finished goods seperate in our warehouse for goods supplied to R D. However we take credit for raw materials purchased for production. As per tje excise officer, he is ask ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing us to charge 6% excise for the goods sold and the party has given notification for the same. Please guide us is this right. - Reply By Mahir S - The Reply = Sir, refer sub rule (6) of rule 6 of cenvat credit rules 2004 , wherein 6 % reversal is not required. in all other cases, it is mandatory for the 6 % reversal under rule 6. - Reply By GANTI SARMA - The Reply = As per the not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ification 10/1997 , you have to maintain separate records and your are not eligible to avail credit on inputs used in exempted final goods. Other wise you have to pay 6% on assessable value. - GOVT NOTIFICATION NO 51/96-CUSTOM DATED 23/07/1996 - Query Started By: - JOSEPH MATHEW Dated:- 29-6-2015 Central Excise - Got 4 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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