0
All goods that are produced or manufactured in India shall be charged a duty of excise called Cenvat at the rates specified in the Central Excise Tariff.
Every person who manufactures, produces, carries on trade, holds warehouses for excisable goods shall have to obtain registration under the excise laws.
No excisable goods may be removed from the factory or a warehouse except under an invoice signed by the owner of the factory or his authorised agent.
Every assessee has to submit to the superintendent of Central Excise a monthly return in the specified form. For specified situations such as manufacture of goods exempt under a notification, a prescribed declaration and/ or a financial statement needs to be filed.
Credit of service tax paid on input services, by a manufacturer of goods, is now available, in addition to the credit that was available in respect of inputs/ capital goods.
For More Details Visit : http://inodetechnologies.blogspot.com/
Add your answer:
Earn +20 pts
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 central excise ct3?
it is a permission granted by the concerned central excise asst. commissioner to remove goods without paying excise duty
Define customs duties and excise taxes?
can excise duty 3.1827% is applicable in EPGC scheme
What is the rate of excise duty?
10%
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 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.
What are 2 types of indirect taxes?
Excise-Duty and Custom-Duty
Is a excise duty a direct tax?
No. It is indirect tax.
What is the full form of FED?
Federal excise duty
What are registers in excise duty?
in excise RG-23 PART 1 AND RG-23 PART -2 ARE REGISTERS TO BE MAINTAINED BY ASSESSEE
