The excise duty tax can be defined as the duty or tax levied by the government. Classification of Excise Taxes in India. The taxable event here is the ‘Manufacture’. An excise, or excise tax, is any duty on manufactured goods that is levied at the moment of manufacture rather than at sale. Excise Duty falls under the Excise Duty Act, 1944 which was initially proposed to help the government to generate revenue, however, Excise Duty has become a vital part of Fiscal Policy by taking a critical role in the growth of Indian economy. Central Excise Duty is an important source of revenue for Govt. Description: Union excise duties are levied in accordance with the rates mentioned in Schedule I and II of the Central Excise Tariff Act, 1985. Currently, in India, there are 7 types of Excise Duty in practice Comments due by 26 February 2010 • Draft Customs Control Bill – operational issues • Draft Customs Duty Bill – duty liability. What is Excise Duty? Customs and Excise Act 91 of 1964 • The need for change Draft Bills issued on 30 October 2009. The second targets of excise taxation were alcohol and alcoholic products - in 1943.5 the excise duty of 1943 levied ad-rem duties upon the production of alcohol, and befitting the nature of the tax, the amount of duty depended upon the alcoholic content and concentration of an alcoholic Product.
Central Excise Act, 1944 (1 of 1944), read with any notification for the time being in force issued by the Central Government in relation to the duty so chargeable (not being a notification providing for any exemption for giving credit with respect to, or reduction of duty of excise under the said Act on such A percentage levied on manufacture, sale, or use of locally produced goods (such as alcoholic drinks or tobacco products).
excise duty: 1. The tax is administered by the Central Government under the authority of Entry 84 of the Union List (List 1) under Seventh Schedule read with Article 246 of the constitution of India. Background. Union excise duty is a type of indirect tax on goods manufactured in India. Central Excise duty is an indirect tax levied on goods manufactured in India. Central Excise. This duty is collected on the goods and services produced within India. of India. Second round of Customs Control Bill released on 18 April 2011 • … The manufacturer of good is responsible for the excise duty payment when the finished goods are transferred to the market from the production house.
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