Excise Duty
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Interest is payable for delayed payment of taxes even if such default is otherwise revenue neutral
Initiation of recovery proceedings during pendency of stay application is invalid
Excise – Sub-Section 7A to Section 11A – Loopholes Inbuilt
Time Limit U/s. 11B does not applies to cases where tax has been collected without authority of law
Tobacco Products, Suvs And Mobile Phones To Cost More
Input service for construction of immovable property, which is rented admissible for cenvat credit
Classification of service cannot be changed in the hands of the recipient
Notification No. 12/2013 – Central Excise
Regarding ‘zero excise duty route’ to branded ready- made garments and made-ups.
Notification No. 10/2013-Central Excise; Dated: 01-03-2013
Notification No. 9/2013-Central Excise; dated: 01.03.2013
6% excise duty on branded readymade garments & made ups of cotton, not containing any other textile materials -Reg.
Notification No.7/2013-Central Excise; dated: 01.03.2013
1% excise duty on Mobile handsets including Cellular phones -Reg
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
