Optional scheme for excise duty: treat first monthly sales as manufactured articles when conditions and records are met. Manufacturers may elect an optional scheme treating first monthly sales as sales of manufactured articles for excise payment if such sales do not exceed opening manufactured stock and a written declaration is filed; the option lasts the financial year and mandates separate stock and purchase value records for three product categories, specified allocation rules for sales in relation to opening and received stocks, export inclusion as manufactured sales, and non taxable inter branch transfers when stocks are appropriately adjusted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Optional scheme for excise duty: treat first monthly sales as manufactured articles when conditions and records are met.
Manufacturers may elect an optional scheme treating first monthly sales as sales of manufactured articles for excise payment if such sales do not exceed opening manufactured stock and a written declaration is filed; the option lasts the financial year and mandates separate stock and purchase value records for three product categories, specified allocation rules for sales in relation to opening and received stocks, export inclusion as manufactured sales, and non taxable inter branch transfers when stocks are appropriately adjusted.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
