Excise Duty
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Seeks to exempt high speed diesel oil blended with alkyl esters of long chain fatty acids
Seeks to exempt 10% ethanol blended petrol from additional duty of excise
CBEC exempt 5% ethanol blended petrol from additional duty of excise
CBEC exempt excise duty on goods in Fourth Schedule to Central Excise Act, 1944
CBEC reduces rate Basic Excise Duty on petrol diesel by Rs. 2/- per litre
CBEC exempts Additional Duty of Excise (Road Cess), levied U/s. 133 of Finance Act, 1999
CBEC exempts Additional Duty of Excise (Road Cess), levied U/s. 111 of Finance Act, 1998
CBEC rescinds notification No. 29/2002-Central Excise dated 13.05.2002
CBEC rescinds notification No. 21/2009-Central Excise dated 07.07.2009
CBEC rescinds notification No. 62/2008-Central Excise dated 24.12.2008
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In today’s economic scenario the significance of taxes has increased and it now not limited to being a financial aid for the Governments. The Union or the Central Government imposes several taxes together with their state governments. Some of the taxes are also levied by local Municipalities as well. Excise Duty comes under the taxes which are levied by the Central Government as per the provisions laid out in the Excise Duty Act, Excise Duty Rules and Excise Duty notifications formulated by the Government.
Excise duty is an indirect tax which is levied on goods manufactured in India and are intended for home consumption. Manufacturing of the goods is the taxable event and the excise duty liability arises as and when the goods are produced. Excise duty is a tax on manufacturing that is payable by a manufacturer of goods, who passes the incidence on to their customers. The CBEC (Central Board of Excise and Customs) is the governing authority and it functions under Union Ministry of Finance’s Department of Revenue. Under the power conferred by the Central Excise Act, 1944, the Central Government levies taxes on production or manufacturing of goods. The excise tax rates are stated under the Central Excise Tariff Act, 1985.
At Taxguru, we provide you all the latest news on excise duty together with all the updates and excise duty notifications. We at regular intervals publish excise duty articles and blogs for the benefit of our readers. Get to know all the latest developments in the Excise Tax Act and all the latest amendments at Taxguru. Find out all the excise duty news and updates with respect to excise duty here at Taxguru. We ensure that we bring you all the accurate and comprehensive coverage relating to excise duty in India
