Excise Duty
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High Court has power to review its own decision rendered in appeal filed under the Central Excise Act, 1944
Marketability is essential criteria for charging excise duty and product must be marketable in the condition in which it emerges – SC
Helium Gas purchased in bulk, processed and sold in cylinders – liable to excise duty – Supreme Court
Comments invited on draft ‘Bill of Entry (Electronic Declaration) Regulations, 2011’ and draft ‘Shipping Bill (Electronic Declaration) Regulations, 2011
Regarding Export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU -Application of provisions of Plastic Waste Management and Handling Rules, 2011
No Penalty in case of interpretational nature – Supreme Court
Change of designation of officers representing CBEC in the CESTAT
Change of designation of officers representing CBEC in CESTAT
Amendments in Cause list of all CESTAT, Benches w.e.f 5th September, 2011
CBEC Fixes Monetry Limit for Custom, Service tax and Excise Appeal filing with CESTAT, High Court and Supreme Court
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
