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Treatment of Scrap etc. taken as credit for recoveries under Valuation for Captive Consumption

Treatment of Scrap etc. taken as credit for recoveries under Valuation for Captive Consumption - Central Excise - By: - Rakesh Singh - Dated:- 26-12-2015 - The word 'Captive Consumption broadly refers to goods produced or manufactured in a factor .....

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(s), such goods are also said to be captively consumed. The valuation wrt Captive Consumption is preferably under Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000 . The Rule provides that where whole or p .....

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st of production or manufacture of such goods. On the introduction of Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000, w.e.f. 1st of July 2000, the general principles of costing were referred as the basis for the valu .....

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ing upon the stage at which such scrap or waste is recycled. The expenses incurred for making the scrap suitable for reprocessing shall be deducted from value of scrap or waste. Normal process loss is ignored for the sake of simplicity. If the cost c .....

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cost of production for the relevant period. In case the scrap is not disposed off/sold during the period and lying in the stock, the realizable value of scrap can be calculated from the quotations/market rate. The entity has to keep proper records of .....

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