Excise Duty Rules In India Pdf

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Business Portal of India Taxation Excise Duty

Persons who are covered by such exemption are not required to obtain registration. Regulations prescribe a formula for calculating the volume of new fuel on which excise is levied. Who is liable to pay excise duty?

Chapter Plastics and articles thereof. One such tax that is prevalent in any manufacturing sector is the excise duty.

Sensex soars pts as dovish Fed lifts global mkts. Carmakers pin hopes on Bharat to boost sales. Chapter Vehicles other than railway or tramway rolling stock, and parts and accessories thereof. An excise or excise tax sometimes called an excise duty is a type of tax charged on goods produced within the country as opposed to customs duties, charged on goods from outside the country.

Anand Nainawati Ahmedabad anand. Chapter Clocks and watches and parts thereof.

If you share those products with anyone else, for free or as a sale, you become liable for excise duty. Chapter Miscellaneous articles of base metal. You must also licence the areas Customs-controlled areas where those products are made and stored.

Over the years formidable compliance and litigation capabilities have ensured that evolution and interpretation of law in this area are fair and do not place undue burden on the tax payers. Also, the products shall be mentioned in the relevant schedule of Central Excise Tariff Act, so as to attract excise duty. Chapter Man-made Filaments. All of the words At least one of the words Exact Phrase. Income tax, sales tax, entertainment tax, value added tax etc.

Chapter Beverages, Spirits and Vinegar. Chapter Articles of apparel and clothing accessories, knitted or crocheted. Chapter Articles of stone, plaster, cement, asbestos, mica or similar materials.

It is a tax on the production or sale of a good. Prohibited and restricted items. Online Export Import Data Search.

Home Page of Central Board of Indirect Taxes and Customs

Goods for export are not subject to excise. Send and receive items Prohibited and restricted exports Find your parcel Send mail by post or courier Send items overseas Receive items from overseas.

Central Excise Duty

Thus it is one of the socio-economic objectives. Back Close Send and receive items Prohibited and restricted exports Find your parcel Send mail by post or courier Send items overseas Receive items from overseas View all. Chapter Ships, Boats and Floating Structures. Lakshmikumaran New Delhi lakshmi.

What is excise

What is excise

Home Business Excise What is excise? All these taxes are existent because in some way or the other it impacts and helps the economy.

For example, duty is not payable on the goods exported out of India. Excise duty is commonly referred to as Central Excise duty in India. Given the social and economic conditions in India, excise law exempts certain categories of persons like those whose turnover is below a particular threshold limit.

Chapter Aircraft, Spacecraft and parts thereof. Under the different sections of the central excise act, the fines for evading tax can range from twenty-five to fifty per cent of the amount of duty evaded.

Back Close Excise What is excise? There may be situations when excisable goods need to be stored without payment of excise duty. Central excise law has elaborate provisions for collecting duty not paid or short paid besides those for refunding excess duty paid. Similarly exemption from payment of duty is available, based on conditions such as kind of raw materials used, value of turnover clearances in a financial year, type of process employed etc. The process, at times, erkundungen deutsch als fremdsprache c1 pdf is rather complicated as there are rules providing for various methods of valuation in specified situations like goods meant for internal consumption.

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Activities specified as amounting to manufacture in Central Excise law are liable to excise duty. Subsidies and Countervailing Measures. Excise duty is generally payable as a percentage of value of goods. To take care of such practical exigencies of trade, excise law provides for registration of persons like dealers who store excisable goods for downstream sales.

Chapter Ores, Slag and Ash. Chapter Glass and Glassware.

When you look at the amount of excise you may have to pay, this is a rather large amount and along with the financial repercussions, you also have to encounter a tarnished image. Chapter Tin and Articles thereof. The liability to pay tax excise duty is always on the manufacturer or producer of goods. The scheme enables the tax-payer to take credit of excise duty paid on inputs or raw materials and such credit can be used to offset duty burden on final products. Manufacturers with higher turnover will be required to take registration under central excise law.

What are the types of excise duty? Excise duty is levied on the activity of manufacture of goods. Narasimhan B L New Delhi narasimhan. Customs Duty Rates Search. The credit scheme is riddled with numerous conditions and is known for eternal controversies.