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Friday, Aug 27, 2004

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Goods made on job work basis — CBEC forms panel to study problems on valuation

K.R. Srivats

New Delhi , Aug. 26

THE Central Board of Excise and Customs (CBEC) has constituted a four-member sub-group to study the problems arising on account of valuation of goods manufactured on job work basis.

Mr T.R. Rustagi, Director General, Directorate General of Inspection, Customs and Central Excise (DGICCE) would be the chairman of the sub-group.

The sub-group has invited suggestions from trade associations, manufacturers, consultants, advocates and departmental officers on the problems relating to valuation of excisable goods manufactured on job work basis.

In particular, the sub-group has invited suggestions on the "ingredients that need to be taken into account for computing assessable value on goods manufactured on job work basis".

Informed sources said that the Revenue Department is trying to standardise the valuation principles at the job workers' end.

It was pointed that there are number of cost elements like overheads and wastage that are generally not factored in the assessable value.

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