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What are 2 types of indirect taxes?
Excise-Duty and Custom-Duty
What is full form of CESS?
CESS is a synonym for tax, duty, fee, etc. When tax is applied to income, its called INCOME TAX... When tax is applied to goods, its called DUTY, say, EXCISE DUTY, CUSTOMS DUTY, etc... When tax is applied to a particular purpose, its called CESS, say, EDUCATION CESS, HIGHER & SECONDARY CESS...
What is MODVAT?
Modvat stands for "Modified Value Added Tax". It is a scheme for allowing relief to final manufacturers on the excise duty borne by their suppliers in respect of goods manufactured by them. eg ABC Ltd is a manufacturer and it purchases certain components from PQR Ltd for use in manufacture. POR Ltd would have paid excise duty on components manufactured by it and it would have recovered that excise duty in its sales price from ABC Ltd. Now, ABC Ltd has to pay excise duty on toys manufactured by it as well as bear the excise duty paid by its supplier, PQR Ltd. This amounts to multiple taxation. Modvat is a scheme where ABC Ltd can take credit for excise duty paid by PQR Ltd so that lower excise duty is payable by ABC Ltd.
Federal excise duty is a capital expenditure?
Yes, the federal exercise duty is a capital expenditure.
Which of the tax gives the maximum revenue in Union Budget?
excise duty
What is difference between CT1 and CT3 in central excise?
ct 1 is certificate for procurement of exicasable good for export without payment of duty that mins party do not pay duty on the base of price mins party is pay to duty in central excise
Difference between excise duty and custom duty?
Duty and tax differs in the sense that the former one is implied only on financial transactions, commodities, estates and the like, where the latter is mainly levied on both goods and individuals. Duties are generally inputs and are tagged with a “cost” perspective. On the other hand, taxes generally are inputs and are tagged on an “income or value” perspective.Read more:Difference Between Duty and Tax | Difference Between | Duty vs Taxhttp://www.differencebetween.net/miscellaneous/politics/difference-between-duty-and-tax/#ixzz2ObX4LMbP
What is terminal excise duty?
Terminal excise duty is a fee charged on all goods that are manufactured. Excise duty is levied by central or federal governments.
What is the difference between duty and cess?
When govt. collects tax on goods, it is called as "duty" (eg., excise duty, customs duty) When govt. collects tax for particular purpose, it is called as "cess" S.Ramachandran Professional Impex Pvt Ltd Chennai
What is the rate of excise duty?
10%
What are 2 types of indirect taxes?
Excise-Duty and Custom-Duty
Define customs duties and excise taxes?
can excise duty 3.1827% is applicable in EPGC scheme
What is alcohol duty?
Most products containing alcohol are subject to 'taxation' known as Excise Duty which is collected by Customs and Excise, it is levied on manufacturers and importers
Does excise duty includes in Ex Works price?
Unless otherwise catergorically mentioned Ex- works price always include Excise duty.
What is central excise duty?
The central excise duty refers to an indirect tax which is levied on goods manufactured in India. These are the goods which are meant for consumption at home.
What is full form of CESS?
CESS is a synonym for tax, duty, fee, etc. When tax is applied to income, its called INCOME TAX... When tax is applied to goods, its called DUTY, say, EXCISE DUTY, CUSTOMS DUTY, etc... When tax is applied to a particular purpose, its called CESS, say, EDUCATION CESS, HIGHER & SECONDARY CESS...
What is central excise ct3?
it is a permission granted by the concerned central excise asst. commissioner to remove goods without paying excise duty
