Excise Duty
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Minimum penalty to be imposed under Central Excise Rules, 2002
Regarding CENVAT credit taken or utilized in making of metallised plastic film
Notification No. 25/2008-Central Excise; Dated: 29.04.2008
Entry Tax-Petitioner who had discharged his burden by producing the bills which had no rubber seal to the effect “local goods for the area”, cannot be held liable to pay the tax in the absence of any proof to the contrary
Notification No. 24/2008-Central Excise, Dated: 11.04.2008
Circular No. 867/05/2008-Central Excise, Dated 4.4.2008
Notification No. 21/2008- Central Excise (N.T.) ;Dated: 28.03.2008
Appointment of Chief Commissioners of Income Tax, Large Tax Payer Unit
Notification No. 19/2008-Central Excise (N.T.); Dated: 27.03.2008
Regarding excise duty on Chaddar and Terry Towels
Regarding excise duty on Flavoured milk of animal origin and Jute twine
Notification No. 23/2008-Central Excise ; Dated : 27.03.2008
Notification No.22/2008-Central Excise; Dated: 27.03.2008
Notification No. 21/2008-Central Excise; Dated: 27.03.2008
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.
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