Animalscaretips
Their own records are adequate for excise purposes. The exemption limit was raised to Rs. 50 lakhs in the budget 1998-99 and further to Rs. 100 lakhs in 2000.
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Rate of duty in respect of Clearances of Excisable Goods.
| Value of Clearance (Rs.) | Rate of duty | Remarks |
|---|---|---|
| 100-300 Lakhs | Normal rate of duty | Can avail Cenvat |
- What are the exemptions from excise duty?
- What is central excise exemption?
- Is excise duty still applicable in India?
- Which exported goods are exempted from payment of excise duty?
- What is general exemption?
- What is the rate of excise duty?
- What is the meaning of custom duty?
- What is service tax give a note on the registration procedure of service tax?
- What do you know about the service tax?
- Who is liable to pay excise?
- What is difference between income tax and excise duty?
- What are the basic condition for excise duty?
- How many types of excise duty are there?
- How is excise duty calculated?
What are the exemptions from excise duty?
2012 exempts excise duty on specified goods intended to be used for the installation of a cold storage, cold room or refrigerated vehicle, for the preservation, storage, transport or processing of agricultural, apiary, horticultural, dairy, poultry, aquatic & marine products and meat, subject to observance of the ...
What is central excise exemption?
GENERAL EXEMPTION NO.
manufacture of sacks or bags made of polymers of ethylene or propylene. (e) clearances, which are exempt from the whole of the excise duty leviable thereon under notifications No. 214/86-Central Excise, dated the 25th March, 1986 (G.S.R. 547 (E), dated the 25th March, 1986), or No.
Is excise duty still applicable in India?
Excise duty refers to the taxes levied on the manufacture of goods within the country, as opposed to custom duty that is levied on goods coming from outside the country. ... This means excise duty, technically, does not exist in India except on a few items such as liquor and petroleum.
Which exported goods are exempted from payment of excise duty?
Exports are free from excise duty. One can export goods without payment of excise duty under bond under rule 19. Goods can also be exported with payment of excise duty and later on rebate can be claimed under rule 18. Container containing export goods is required to be sealed by Excise Officer.
What is general exemption?
✓ A General Exemption allows people without a radiation user licence (e.g. students) to do radiation work under the. supervision of a licenced person.
What is the rate of excise duty?
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.
What is the meaning of custom duty?
Customs duty refers to the tax imposed on goods when they are transported across international borders. In simple terms, it is the tax that is levied on import and export of goods. The government uses this duty to raise its revenues, safeguard domestic industries, and regulate movement of goods.
What is service tax give a note on the registration procedure of service tax?
Service tax registration is an indirect tax wherein the service provider pays the tax and recovers the same from the recipient of the taxable service. At present, Service Tax is levied at 12.3% on the value of the taxable service.
What do you know about the service tax?
Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. ... This tax is payable only when the value of services provided in a financial year is more than Rs 10 lakh.
Who is liable to pay excise?
Ans: 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 Excise Duty. 6. Who is liable to pay Excise Duty? Ans: The manufacturer or the producer of goods is liable to pay Excise Duty.
What is difference between income tax and excise duty?
Income tax is charged on the personal income of individuals. Excise duty is charged on goods that are produced or made in factories. ... This is charged as a percentage of the income earned. This is charged from the factory itself, but in reality, the tax is passed to those who buy the goods.
What are the basic condition for excise duty?
1) There must be goods. 2) The goods must be excisable. 3) Excisable goods must be manufactured or produced in India.
How many types of excise duty are there?
This type of excise duty is levied on goods that come under the schedule one of the Central Excise Tariff Act, 1985. It is imposed on all excisable goods except salt. It is a tax levied on all goods that are scheduled under Section 3 of the 'Additional Duties of Excise Act' of 1957.
How is excise duty calculated?
Divide the total market revenue by the total number of excise goods sold during the period – this will give you the average tax base of the goods. Multiply the figure at step 4 by the appropriate tax rate to calculate the notional excise tax on the price.
