Rule 3(5): Imported Goods Over 10 Years Get 2.5% Depreciation Per Quarter, Resulting in NIL Value After a Decade.

Rule 3(5): Imported Goods Over 10 Years Get 2.5% Depreciation Per Quarter, Resulting in NIL Value After a Decade. https://www.taxtmi.com/highlights?id=66795 Valuation of imported goods - the goods are admittedly more than ten years old, and under Rule 3(5) of the Cenvat Credit Rules, depreciation of 2.5% is available for each quarter on straight line basis on the capital goods. Thus, the value becomes NIL after ten years of user of capital goods. - The rejection of transaction value is bad. Thus, the declared value is accepted. - no differential duty is payable- AT en-us Mon, 28 Nov 2022 10:49:25 +0530 Mon, 28 Nov 2022 10:49:25 +0530 TaxTMI RSS Generator Rule 3(5): Imported Goods Over 10 Years Get 2.5% Depreciation Per Quarter, Resulting in NIL Value After a Decade. https://www.taxtmi.com/highlights?id=66795 Valuation of imported goods - the goods are admittedly more than ten years old, and under Rule 3(5) of the Cenvat Credit Rules, depreciation of 2.5% is available for each quarter on straight line basis on the capital goods. Thus, the value becomes NIL after ten years of user of capital goods. - The rejection of transaction value is bad. Thus, the declared value is accepted. - no differential duty is payable- AT Highlights Customs Mon, 28 Nov 2022 10:49:25 +0530 https://www.taxtmi.com/highlights?id=66795