Excise Comment Title For Free

There are four common types of excise taxes: (1) sumptuary (or ?sin?) taxes, (2) regulatory or environmental taxes, (3) benefit-based taxes (or user charges), and (4) luxury taxes.

Types of Excise Duty Basic Excise Duty: Basic Excise Duty is levied under Section 3 of the Central Excises and Salt Act, 1944.Special Excise Duty: Central Excise Duty is charged under Section 37 of the Finance Act, 1978.Education Cess on Excise Duty: According to Section 93 of Finance (No.

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

EXCISE TAXES REDUCE CONSUMPTION AND IMPROVE HEALTH. Excise taxes generally result in higher prices for consumers, reducing demand for taxed products.

Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections.

Excise taxes, also known as selective sales or differential commodity taxes, are levied for the sales of specific goods or services. Excise taxes are commonly applied to items such as motor fuel, alcohol and tobacco. Excise taxes are considered indirect taxes because they are not charged directly to individuals.

Excise taxes are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, depending on the specific tax. Form 720, Quarterly Federal Excise Tax Return, is available for optional electronic filing.