Kathmandu. The Department of Internal Revenue has made a new amendment regarding excise duty deduction of damaged insured goods.
The Department has amended the Bibha Excise Guidelines, 2068 BS and brought a new provision regarding the deduction of excise duty on the damaged insured goods. According to the revised guidelines, businessmen can now apply to the concerned office for excise duty deduction within 30 days of payment of claim from the company in case they have insured goods damaged due to arson, theft, accident and destructive activities. According to the revised guidelines, the initial information about such loss at the time of insurance claim should also be given to the office where you are registered.
After that, there is a provision to submit an application for the deduction of insurance excise duty with the result of the claimed loss to the insurance company and the proof of payment of the insurance amount on the basis of it.
The concerned office will have to inform the applicant to deduct the excise duty within 30 days after investigating and confirming the amount in proportion to the amount of excise duty levied on the basis of the quantity or price recognized by such insurance company.
In case of losses other than those insured, the licensed business person will have to submit an application to the office mentioning the necessary details, documents as well as the amount of loss, value and excise duty claimed.
According to the guidelines, the traders should inform the excise officer by means and the excise officer should inform the department about the arson, theft, accident, subversive activities or expiry of consumption in relation to excise duty goods of any condition, whether insured or not.
