transaction value

Classification and Valuation under Central Excise Act and Rules

Income Tax - Powers of the C.B.E.C. to issue orders of classification of goods, Value under the Central Excise Act, 1944, Transaction Value, Salient features of the new valuation rules, aluation of goods manufactured on lob-work basis, Clarification issued on Levy of excise duty on readymade garments on the basis of Retail Sale Price (RSP), Value on b...

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Direct Tax Code- Proposed Changes in Transfer pricing regulations

Income Tax - The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of the transaction value between associated enterprises. In Service Tax law, service tax has been imposed on import of service through reverse charge method and it is expected that Service Tax department would like...

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Excess insurance and transportation charges collected and includability of same in assessable value

Income Tax - Many a times the manufacturer of goods (Central Excise assessee) provides other services to the buyer and charges an amount for those services provided. The services may be like transportation of goods to the buyer premises, transit insurance of the goods, interest charges for the credit given to the buyer, Installation of the goods in th...

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“DHARMADA” or Charity Amount not part the assessable value under the Central excise Act

Income Tax - In the present circumstances there are contradictory judgment of the Hon’ble apex court and in these circumstances judgment of the larger bench should be followed. In Commissioner v/s Aqua Pump Industries [1998 (102) ELT A64], 3 Judge bench of the apex court held that Dharmada amount is not includible in value and hence this decision is...

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S. 2(47) Irrevocable POA of a property in favour of land developers deemed as ‘transfer’

Binder Khokher Vs. ACIT (ITAT Chandigarh) - A copy of the irrevocable GPA executed in terms of paragraph 15 of the agreement has been furnished by the applicant. It authorizes the developer : (i) to enter upon and survey the land, prepare the layout plan, apply for renewal/extension of licence, submit the building plans for sanction of the ap...

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Inclusion of After Sale Service and Pre-delivery Inspection Charges in the assessable value

Circular No. 909/29/09-CX - (11/12/2009) - Since these services are provided free by the dealer on behalf of the assessee, the cost towards this is included in the dealer's margin (or reimbursed to him). This is one of the considerations for sale of the goods (motor vehicles, consumer items etc.) to the dealer and will therefore be governed ...

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Circular on value for payment of excise duty if goods are manufactured on job work basis

Circular No. 902/22/2009-CX - (20/10/2009) - It has been brought to the notice of the Board that some manufacturers of Motor Vehicles are getting complete Motor Vehicles manufactured by sending the Chassis of the Motor Vehicles to independent body builders for building the body as per the design/specification of the manufacturer. The practice ...

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Recent Posts in "transaction value"

S. 2(47) Irrevocable POA of a property in favour of land developers deemed as ‘transfer’

Binder Khokher Vs. ACIT (ITAT Chandigarh)

A copy of the irrevocable GPA executed in terms of paragraph 15 of the agreement has been furnished by the applicant. It authorizes the developer : (i) to enter upon and survey the land, prepare the layout plan, apply for renewal/extension of licence, submit the building plans for sanction of the appropriate authority and to carry out the...

Read More

Classification and Valuation under Central Excise Act and Rules

Powers of the C.B.E.C. to issue orders of classification of goods, Value under the Central Excise Act, 1944, Transaction Value, Salient features of the new valuation rules, aluation of goods manufactured on lob-work basis, Clarification issued on Levy of excise duty on readymade garments on the basis of Retail Sale Price (RSP), Value on b...

Read More
Posted Under: Excise Duty |

Direct Tax Code- Proposed Changes in Transfer pricing regulations

The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of the transaction value between associated enterprises. In Service Tax law, service tax has been imposed on import of service through reverse charge method and it is expected that Service Tax department would like...

Read More

Inclusion of After Sale Service and Pre-delivery Inspection Charges in the assessable value

Circular No. 909/29/09-CX (11/12/2009)

Since these services are provided free by the dealer on behalf of the assessee, the cost towards this is included in the dealer's margin (or reimbursed to him). This is one of the considerations for sale of the goods (motor vehicles, consumer items etc.) to the dealer and will therefore be governed by Rule 6 of the Valuation Rules on the ...

Read More

Excess insurance and transportation charges collected and includability of same in assessable value

Many a times the manufacturer of goods (Central Excise assessee) provides other services to the buyer and charges an amount for those services provided. The services may be like transportation of goods to the buyer premises, transit insurance of the goods, interest charges for the credit given to the buyer, Installation of the goods in th...

Read More
Posted Under: Excise Duty |

“DHARMADA” or Charity Amount not part the assessable value under the Central excise Act

In the present circumstances there are contradictory judgment of the Hon’ble apex court and in these circumstances judgment of the larger bench should be followed. In Commissioner v/s Aqua Pump Industries [1998 (102) ELT A64], 3 Judge bench of the apex court held that Dharmada amount is not includible in value and hence this decision is...

Read More
Posted Under: Excise Duty |

Circular on value for payment of excise duty if goods are manufactured on job work basis

Circular No. 902/22/2009-CX (20/10/2009)

It has been brought to the notice of the Board that some manufacturers of Motor Vehicles are getting complete Motor Vehicles manufactured by sending the Chassis of the Motor Vehicles to independent body builders for building the body as per the design/specification of the manufacturer. The practice followed is that the Chassis is transfer...

Read More

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