Excise duty - free of cost goods

[Guest]

WHETHER FREE OF COST ISSUE EXCISABLE GOODS ATTRACTS EXCISE DUTY?WHY? BY WHICH RULE?

[Surender Gupta]

Cost of FOC material used in the manufactring of excisable goods should be included in the value for the pupose of valuation and payment of excise duty.

AI Summary

Valuation of free-of-cost inputs: include their cost in excise duty valuation and payment under valuation rules. The cost of free-of-cost material utilised in the manufacture of excisable goods must be included in the assessable value for the purpose of valuation and payment of excise duty, requiring manufacturers to account for such costs when determining taxable value.