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of <h1>Supreme Court Clarifies Sales Tax Retention as Part of Assessable Value Post-July 1, 2000; Excise Duty Applies.</h1> The circular from the Central Excise Commissionerate in Ludhiana addresses a Supreme Court judgment regarding the Sales Tax Incentive Scheme. The court ruled that after July 1, 2000, under the transaction value regime, 75% of the sales tax retained by the assessee forms part of the assessable value. The judgment clarifies that only the amount paid to the State Government is excluded from the transaction value. Consequently, the trade is informed that the sales tax retained by the seller should be considered as cum-duty price, and Central Excise Duty will be payable on this amount in addition to the declared assessable value.
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