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of <h1>Jammu & Kashmir Units Must Adjust Selling Prices for VAT Remission in Excise Duty Calculations as per SRO 91.</h1> The circular addresses the determination of the value of excisable goods for charging central excise duty for industrial units in Jammu & Kashmir availing VAT remission under SRO 91 dated 16.03.05. It clarifies that industrial units must adjust their selling prices to reflect the VAT remission, ensuring transparency by indicating price adjustments on invoices. The circular provides examples to illustrate cases with and without VAT remission. It concludes that the VAT amount, being notional and not actually paid to the state, should not be deducted when determining the assessable value for excise duty purposes. The circular advises informing trade and industry accordingly.
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