Excise Image Article For Free

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.

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

Key Takeaways An excise tax is similar to a sales tax, but it's levied only on certain products or services. The most common excise taxes are imposed on tobacco, alcohol, and gasoline.The tax is generally payable by the manufacturer.

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.

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.

Digressive Tax. Tax Type # 1. Progressive Tax: Tax Type # 2. Proportional Tax: Tax Type # 3. Regressive Tax: Tax Type # 4. Digressive Tax:

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.

The primary function of these duties and levies is to ensure a constant stream of revenue for the State, with a secondary function of discouraging consumption of certain harmful products; i.e. harmful to human health or to the environment.

General fund excise taxes are imposed on many goods and services, the most prominent of which are alcohol, tobacco, and health insurance. Other general fund excise taxes include taxes on local telephone service, vehicles with low-mileage ratings (?gas guzzlers?), ozone-depleting chemicals, and indoor tanning services.

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.