Examples of the 2000 Valuation in a sentence
Jack Bragg, FSA, of Bragg Associates, asserts that the mortality slope of the 2000 Valuation Basic table (the basis of the 2000 CSO table) is too steep at senior ages, except at the very end of the table, as compared to his recent experience studies.
Thus, in view of the decision of the larger Bench of the Tribunal in I.T.C Ltd., it has to be held that the Appellant was justified in reducing the assessable value to the actual cost of production (i.e. 100% of cost excluding the notional loading of 15% or 10% of the goods manufactured by the Taloja Unit) as the cost of raw material for the Belur Unit for the purpose of determining the assessable value under rule 8 of the 2000 Valuation Rules.
Rule 8 of the 2000 Valuation Rules, as it existed prior to August 5, 2003, provided that where whole or part of the excisable goods are not sold by the assessee but are used for consumption by him or on his behalf in the production or manufacture of other articles, the value of such goods that are consumed shall be one hundred and fifteen per cent of the cost of production or manufacture of such goods.
The Appellant contends that the Taloja Unit and the Belur Unit paid Central Excise duty for the processes done by them by calculating the assessable value under rule 8 of the 2000 Valuation Rules.
The Department, however, as is clear from the extract of the show cause notice reproduced above, formed an opinion that even in the case of inter-unit transfer of goods from the Taloja Unit for captive consumption to the Belur Unit, the entire value (i.e. 115% or 110% of the cost of production) would be the cost of the raw material at the Belur Unit for purpose of determining the assessable value under rule 8 of the 2000 Valuation Rules for transferring the goods to the suppliers.
It was pointed out that in accordance with rule 8 of the 2000 Valuation Rules, the Taloja Unit paid Central Excise duty on the assessable value calculated @110% of the cost of production.
Peter tied up the presentation by looking back at the recommendations of the 2000 Valuation Regulations Working Party report.
Where the goods are not sold, the value has to be determined in accordance with the 2000 Valuation Rules.
It was also stated that the Taloja Unit, while discharging the duty liability prior to the transfer of the partly processed material to the unit at Belur, followed the provision of rule 8 of the 2000 Valuation Rules by paying duty @110% at the cost of production.
It supplied chassis on payment of excise duty under rule 8 of the 2000 Valuation Rules @110% of the cost of manufacture of the chassis to M/s.