Self-certification/ Validation Sample Clauses

Self-certification/ Validation. The Beneficiary Firm shall provide self-certification given by the chartered accountant in terms of generally accepted costing principles. The following parameters may be considered by the cost accountant to calculate the Value Addition in India: (a) Change in HSN at 6-digit level: The final product (Advance Chemistry Cell) should be achieved as a result of change in a HSN (as per the Customs Xxxxxx Xxx, 0000) at the six digit level (of the final product manufactured vis-a-vis the goods procured for the manufacturing activity) on account of manufacturing activity undertaken by the Beneficiary Firm, or by the indigenous manufacturer, respectively. (b) The final process of manufacture is performed in India. The term “manufacture” may mean processing of raw-material or inputs in any manner that results in emergence of new product having a distinct name, character, and use. In other words, to meet the qualifying criteria for the incentives, the Advance Chemistry Cell should be manufactured in India and have such percentage of localization as may be notified from time to time. Reference to the term “manufacture” may be drawn from section 2(72) of Central Goods and Service Tax Xxx 0000. (c) Value Addition4 in respect of the Advance Chemistry Cell may be denominated as the ratio of 'actual value added' to the sale value (net of returns, price adjustments, discounts, etc.) of the said goods (ACCs), excluding indirect Taxes, if any paid on the goods. It may be expressed as the percentage of manufacturing activity being undertaken in India, either on its own or indigenous manufacturers. The 'actual value added' may be calculated on the basis of financial records (including turnover reported in GST returns) as per the following formulae: • Sale value (net of returns, price adjustments, discounts, etc.) of the said goods, excluding indirect Taxes, if any, paid on the goods • Less: Cost of raw materials and/or packing materials consumed in the said goods (i.e. in the final sale price of the goods sold) to be calculated in terms of generally accepted costing principles • Less: Cost of material whose source of origin cannot be ascertained (beyond prescribed threshold) • Less: Cost of fuel consumed, if eligible for GST input credit • Less: Expenses incurred in foreign currency for royalty or technical know-how as debited in the income statement • Add: ‘Actual value added by the indigenous manufacturers’ i.e., ancillary unit or domestic manufacturers attributable to sale v...