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Issue ID : 110322
- 0 -

Disposal of Asset As a scrap

Date 09 May 2016
Replies4 Answers
Views 1062 Views

Dear Sir,

We disposed our old unused assets as a scrap and we remove this assets from our books of accounts.

So we need to pay excise how much sale value we received from scrap sales or we calculate reduce 2.5 % per quarter and than we pay the duty accordingly which one is correct method in above case ?

Regards

Swapneswar Muduli

4 answers
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- 0
Replied on May 9, 2016
1.

Transaction Value is correct.

- 0
Replied on May 9, 2016
2.

Dear Friend,

I endorse the view of Shri. Kasturi Sethi Ji while giving a small advise as an abundant caution that please ensure mentioning in the clearance invoice after the item name ( Scrap ) or write as as a prefix Scrapped to the item name.

Best Regards

Suryanarayana

- 0
Replied on May 9, 2016
3.

Sh.Surya Narayana Ji,

Thanks Sir for correctly completing my reply.

- 0
Replied on May 9, 2016
4.

Thanks to experts. It enriched my knowledge. Thanks.

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