9911796707
TMI BlogREUEST FOR CLARIFICATION ON TRADING ACTIVITY - REGX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear sir, We are manufacturers of various chemicals such as Caustic Soda,Chlorine,Hydrogen,HCL etc and clearing our goods to various customers by paying applicable excise duty. we have entered an agreement with our adjacent customer for supply of our finished product of chlorine to meet their raw material requirement as per the agreed price and take back their by product of Hcl at 1/3 pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice of our agreed chlorine price.We are also manufacturing the same goods in our factory. Under these circumstances,kindly clarify the following points in clearing the consignment. 1. As a manufacturer of similar product,can we take their product of HCL for further sale to our Customers.What are the steps to be taken to aviod litigations with the dept. Can we issue our reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ular invoice for clearing the procured goods to our customers or we have to obtain seperate dealer registration for sale of procured goods to our customers to pass on the cenvat credit by issuing dealer invoice.If any price difference betweeen procurement and sale what steps to be taken for clearing the goods. 2.Under which rule we can procure the Similar goods for further sale without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any process. 3. when the price is not finalised at the time of clerance of our chlorine what is the procedure to be followed. We request your goodselves, suitable clarification may kindly be given on the subject. Regards, K. Kasi Reddy, Dy. General Manager - C/E Sree Rayalaseema Alkalies and Allied Chemicals Ltd 40-304, 2nd Floor, K.J. Complex, Bhagya Naga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, KURNOOL - 518004 (A.P.) Phone : 08518 - 221933 / 289600 / 28960 Fax : 08518 - 226973 / 276631 l - Reply By Rama Krishana - The Reply = There is no restriction on trading of similar goods in which the assessee is engaged in manufacturing activity. But, the important aspect is what is the safeguard to prevent overlapping? In the absence of any statutory provisions, it is suggested tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t you should keep separate store room for trading goods and prepare separate set of accounts book to record such transactions. Otherwise, you may face difficulty in terms of demand of duty and lot of energy and resources would be consumed to prove genuine trading activity. IT is also advisable to keep separate set of invoice for trading activity and inform the excise department through a simple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letter about the fact to avoid future problems. Regarding sale of goods for which price is not finalized, it is best to follow provisional assessment procedure where the transactions are frequent and recurring nature. Rule 7 of Cental Excise Rules, 2002, prescribes the procedure for provisionsal assessment. - REUEST FOR CLARIFICATION ON TRADING ACTIVITY - REG - Query Started By: - konda ka ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... si Dated:- 23-2-2011 Central Excise - Got 1 Reply - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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