Friday, March 15, 2013

SUPREME COURT DIRECTS FIAT TO PAY Rs 311 Cr AS EXCISE DUTY

The Supreme Court in its August verdict, while setting aside the excise tribunal's order, had directed the car maker to pay duty for Uno cars sold at a price lower than the cost price to penetrate the market. Upholding the department's stand, the Supreme Court had clarified that central excise duty was chargeable on manufacture or production of goods and not only on sale price. As per the judgment, Fiat will have to pay around Rs 311 crore and Premier will pay more than Rs 49 crore as outstanding excise duty.

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