Excise Statistic Document For Free

The term 'excisable goods' means the goods which are specified in the first schedule and the second schedule to the Central Excise Tariff Act, 1985, as being subject to a duty of excise and includes salt. Liability to pay excise duty.

Rate of tax As per the norms of Central Excise Tariff ? the current rate of excise duty is 12.36% (it, however, depends on the produced goods).

Products like motor fuel, tobacco, and other heavily regulated goods are subject to excise taxes. Certain activities like highway usage can be subject to excise tax too. Often the cost of the tax is included in the cost of the product, meaning the end consumer doesn't see the excise tax on their receipt.

Excisable goods: what is it Excisable goods are certain categories of products that are subject to excise tax. This includes trade within countries, as well as imported products. An excise tax is paid by an entrepreneur or an organization that sells or produces excisable goods.

Yes, excise duty has been subsumed by the Goods and Service Tax (GST) along with other indirect taxes. However, excise duty is still levied on certain items like petroleum and liquor. 4- What happens if I do not pay excise duty?

Excise duty is leviable only when manufacture results in goods that are excisable. For being called goods, items ought to be movable and marketable. Since office building is marketable but not movable, it is not 'goods' but an immovable property. Hence, excise duty is not leviable on construction of office building.

Tax rate: The rates applicable to excise duty are specified as per the central excise tariff rules. At the moment, excise duty is charged at 12.36% but it varies based on the kind of products. GST, on the other hand, has standard rates at 0%, 5%, 12%, 18%, and 28% depending upon the kind of product.

Excisable Goods as. 'Goods specified in the First and Second Schedule to Central Excise Tariff Act,1985. as being subject to a duty of excise. and includes salt'. Explanation.