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Valuation of intermediate products used for captive consumption - Frequency or periodicity of costing in terms of CAS-4

Central Excise - By: - CA Surender Gupta - Dated:- 30-9-2016 Last Replied Date:- 6-3-2017 - In the present case, there is no sale of iron ore concentrate by the appellant and clearance to sister unit for further use is subjected to excise duty and valuation for such duty has to be worked out in terms of Rule 8 of Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000. The central point of dispute is the frequency or periodicity of costing in terms of CAS-4. Point of dif .....

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t of production will depend upon the significance in the changes in the cost due to various factors like input cost fluctuations, changes in the employee cost and other expenses. It further notes that where goods are cleared on cost of production worked out as per the audited accounts of the previous audited period, it is advisable to prepare a fresh certificate of cost of production based on the audited accounts of the period for which the goods are cleared and the differential duty is paid or .....

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rdingly tribunal [2016 (9) TMI 1175 - CESTAT NEW DELHI] observed that: On perusal of the guidelines by the ICAI, we find while arriving at costing based on CAS-4 the correct method will be to determine the same based on actual audited data as per the account year of the company. To that extend we find the CAS-4 cost price arrived at on annual basis by the Revenue is correct procedure. See:- M/s Essar Steel India Limited Versus CCE, Raipur - 2016 (9) TMI 1175 - CESTAT NEW DELHI Other cases involv .....

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