Excise implication, Central Excise

[ashok jain]

Our company was incorporated in the year 2004 and engaged in manufacturing of auto parts and located in Noida. We had bought second hand CNC machine from a manufacturing company in January 2006 on a basic value of Rs. 2.50 Lacs but that company passed on excise duty of Rs. 4.40 Lacs. Presently this machine is not working properly, therefore, we want to sell the said machine for Rs. 2.00 Lacs plus Excise duty @ 16.48% on this transaction value. Is any formality from Excise point of view to be completed to conclude the transaction?

Posts / Replies

[Jabir sheikh]

Dear Sir, As per latest notfication No.39/2007 CE dt.13-11-07 " You have reduce the CENVAT credit amount by 2.5% per Quater from the date of availing CENVAT on same.And Balance amount of Duty has to be reversed for selling machine.