Respected All,
We are Excisable goods manufecturer.
We are making import of Machinery from South Korea. All the Documentation will be in our Company's name and all tax and Custome duty liabilities are also will be paid by our company, i.e. this machinery will be our Company's asset.
But the machinery will be installed on our Supplier's Premises instead of our Company's Premises. The supplier will do some job work for us and this machine is required for that process.
Is there any tax and legal compliances, we have to fulfill in this regards.
Please Advice
Pradeep Kaushik
Company Imports Machinery for Job Work; Must Notify Excise, Use Challan Every 180 Days, Include Amortization Cost in Value A manufacturer of excisable goods is importing machinery from South Korea, which will be documented under the company's name and considered a company asset. However, the machinery will be installed at the supplier's premises for job work purposes. The company seeks advice on tax and legal compliance. A respondent advises notifying the Central Excise Department, using a Challan for machinery movement every 180 days, and including the machine's amortization cost in the assessable value of manufactured goods. It is clarified that CST/VAT is not applicable on the amortization cost, and references a Supreme Court case for further guidance. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
