Excise Duty
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Pan Masala, Gutkha – Duty Per Machine Increased – Notification No. 42/2008 CE amended
Central Excise notification No. 12/2012, dated 17th March, 2012
Effective rate of NCCD for cigarettes – Notification No. 11/2012-Central Excise
Effective rates of duty for cigarettes – Notification No. 10/2012-Central Excise
Effective rate of additional duty of Rs. 70 per thousand fixed for cigarettes
Ready Made Garments – Returned and cleared without duty – certain conditions changed – Notification No. 31/2011 dated 24.3.2011 amended
Cotton Goods 5% Excise duty enhanced to 6%. Notification No. 29/2004-CE dated 09.07.2004 superseded
Excise Exemption to goods used for armed forces – raw material for bullet proof helmets added – Amends Notification No. 64.95-CE dated 16.03.1995
10% Excise duty made 12% and 5% made 10% in Notification No. 23/2003 – CE dated 31.03.2003
Notification No. 18/2012–Central Excise (N.T.) Dated- 17th March, 2012
Amends Notification No.20/2001 CE (NT) dated 30.04.2001,To substitute Section 11AB with section 11AA
Notification No. 16/2012-Central Excise (N.T.) Dated- 17th March, 2012
Amends Notification No.31/2007 CE (N.T.) dated 02.08.2007 To substitute Section 11AB with section 11AA
Notification No. 14/2012 – Central Excise (N.T.); dated: 17.03.2012
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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
