Is excise duty a indirect tax?
An indirect tax paid to the Government of India by producers of goods, excise duty is the opposite of Customs duty in that it applies to goods manufactured domestically in the country, while Customs is levied on those coming from outside of the country.
What are the objectives of central excise duty?
Its objective is to generate additional revenue for some specified object. It is applicable at the rates specified in schedule second to Central Excise Tariff Act, 1985.
Is it mandatory to pay duty on all goods manufactured?
This tax is now known as the Central Value Added Tax (CENVAT). It is mandatory to pay duty on all goods manufactured, unless exempted.
Is Central excise duty a direct tax?
Excise Duty is an indirect tax levied and collected on the goods manufactured in India.
Which goods are completely exempted from the central excise duty?
Subject to prescribed conditions, no Excise duty is payable on the capital goods, raw materials, spares, consumables, etc.
What is an excise tax return?
Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Excise taxes are imposed on a wide variety of goods, services and activities. The tax may be imposed at the time of. Import. Sale by the manufacturer.
What is limit for excise duty?
Registration Details Once the turnover limit exceeds, the unit should be registered with Central Excise Authorities. SSI whose turnover is more than the specified limit (at present Rs. 90 Lakhs), but less than exemption limit (i.e. Rs. 150 lakhs) have to file a declaration in a prescribed form.
What is central excise registration?
The Central Excise Registration number is a fifteen digit number in which the 1st ten digits are the PAN Number, the next two digits correspond with the applicant status, and the last three digits denote the number of premises. Each of the manufacturing premises requires a separate Central Excise Registration.
What is a Form 720 excise Tax Return?
Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. Excise taxes are taxes paid when purchases are made on a specific good. Most excise tax in some ways resembles a state sales tax. They are paid on purchases of specific goods.
Is Central Excise duty a direct tax?
Who is liable for excise tax?
The general rule is that the producer of a product is the one liable for the excise tax. However, if the tax is unpaid and possession is transferred to the buyer, the buyer/possessor of the product can be made liable for the excise tax.
What are the rules for the return of excise stamps?
Excisable goods exported may be allowed to be returned to the factory. Rule 98. Goods not affixed with Central Excise Stamps and unlabelled goods removed for export may be returned to the factory. Rule 99. Refund of purchase price of unused or damaged Central Excise Stamps.
What are the rules for the Central Excise?
Cancellation of Central Excise documents. Rule 224B. Duplicates of documents may be granted on payment of fees. Rule 224C. Omitted. Rule 225. Producer or manufacturer liable for removal of goods by any person.
Can goods cleared for export be returned to factory?
Goods cleared for export may be allowed to be returned to factory. Rule 97B. Excisable goods exported may be allowed to be returned to the factory. Rule 98. Goods not affixed with Central Excise Stamps and unlabelled goods removed for export may be returned to the factory.
What is the tea rule 96f?
Notification No. 174/72-C.E. , dated 24-7-1972. E-II. – Tea Rule 96F. Fixation of areas for the purposes of excise duty.