Excise Duty
Log in to FollowExcise Duty Act, Rules Articles News Notification Circulars Instructions. Input Credit, Cenvat, Duty Rate, SSI Exemption, Excise on Jewellery,Excise on Garment
CESTAT on inclusion of value of cotton and waste, for determining entitlement for DTA clearance
Right to avail Cenvat credit at the time of coming out of exemption scheme cannot be curtailed
Cenvat Credit Rules can’t curtail Assessee’s entitlement to avail credit of inputs lying in stock as on the date of crossing the exemption limit
CBIC Introduces monetary limit at Commissioner (appeals) Level
No Penalty can be levied for delayed filing of E-Returns If Manual Returns filed within Time
CBIC fixes monetary limit of Rs 2.5 Lakh for appeal filing with Commissioner (A)
Components of boilers cleared as parts but essential to put into operation the boilers, would be classifiable under sub-heading 8402.10
Outbound transportation from place of removal gets covered by definition of input service
Activity of fixing MRP stickers amounts to manufacture & liable to excise duty
Prior to 01.04.2011 CENVAT credit eligible on insurance premium in respect of dependent/family members of employees
Excise duty not payable on fatty acid / soap stock generated as bye-product during manufacture of refined palm oil
Cenvat Credit eligible on sales commission paid to promote Sale
Dross and Skimming were nonferrous metal; Excise duty not payable
Demand under Rule 14 cannot be made on ISD if he does not avail cenvat credit
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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
