Excise Duty
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Union Budget 2012-13 – Indirect Tax Proposals
Budget 2012 – Excise Duty on Textiles & Precious Metal Jewellery
5% duty made 6%. Notification No. 2/2011 – CE dated 1.3.2011 amended. Sl. Nos 34 and 35 of the table again omitted, which were already omitted by Notification No. 43/2011 – CE dated 30.12.2001
Effective Rate of 12% and 6% Excise Duty fixed for many items for which the Tariff Rates also been reduced
Rescinds three Excise Duty exemption notifications
Notification No. 16/2012-Central Excise Dated- 17th March, 2012
SSI Exemption for the remaining part of 2011-12 for articles of jewellery of heading 7113 – tariff value to be the basis
Notification No.14/2012 – Central Excise Dated-17th March, 2012
Pan Masala, Gutkha – Duty Per Machine Increased – Notification No. 42/2008 CE amended
Central Excise notification No. 12/2012, dated 17th March, 2012
Effective rate of NCCD for cigarettes – Notification No. 11/2012-Central Excise
Effective rates of duty for cigarettes – Notification No. 10/2012-Central Excise
Effective rate of additional duty of Rs. 70 per thousand fixed for cigarettes
Ready Made Garments – Returned and cleared without duty – certain conditions changed – Notification No. 31/2011 dated 24.3.2011 amended
Latest Excise Duty News
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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
