Excise Duty
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Amended Sec. 11B applicable in cases where implementation of order under un-amended sec.11B is pending – SC
Court decision prevails over Circular and instructions: CBEC
Notification No.19/2015-Central Excise (N.T.) Dated-18 September, 2015
Pass adjudication orders within time limits – CBEC to adjudicating authorities
Demand barred by limitation if suppression not proved – HC
Notification No. 41/2015 – Central Excise Dated 17th September, 2015
Pre-deposit u/s 35F not applicable to stay applications &appeals pending prior to commencement of Finance Act (2 of 2014)- HC
Mere addition in value after certain process does not amount to manufacture– SC
Cost of Returnable Packing Material not to be included in assessable value– SC
Exemption For Small Scale Units (SSI) Under Central Excise
Indirect Tax Collections for Aug 15 increases by 36.7%
Amount paid under Amnesty scheme will be treated as an adjustment towards interest- SC
Surrender of Advance Licence to receive products at lower rate will be treated as additional consideration-SC
Product could be treated as medicament if produced under Drug Licence- SC
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
