Excise Duty
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Processes carried on imported gensets resulting into creation of functional and more operational product Power Pack would constitute manufacture
Inadvertent mentioning of wrong assessee code does not invalidate payment: HC
Principal manufacturer eligible to take credit of duty so paid by job-worker
Prices charged by job-worker cannot be regarded as understated where principal manufacturer has given loan to job-worker
Cenvat credit can be availed by manufacturer on strength of invoices issued by supplier of inputs showing manufacturer's name as consignee and name of dealer as buyer
Indirect Tax Revenue collections during October 2015 increased by 36.8%
Recovery of Arrears under Central Excises & Salt Act from legal heirs
Dominant/Essential characteristics prevails over general use in Tariff classification: SC
Redrafting of CBEC’s Supplementary Instructions-reg
Increase in Excise Duty on petrol by Rs.1.60 Per liter and on Branded diesel by 40 Paise Per Litre
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
