Excise Duty
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No excise duty demand on differential value of stock of finished or semi-finished goods
CESTAT Orders Fresh Adjudication as lower authorities failed to verify documents
CENVAT Credit of Insurance & consultancy services related to manufacturing allowed
CESTAT allows deduction on account of Octroi and Additional Sales Tax
Packing Machines (Capacity Determination and Collection of Duty) Second Amendment Rules, 2008 applies to search conducted after 20.10.2008
Construction and other services necessary for renting of business eligible for CENVAT
Job-worker liable to discharge duty in absence of undertaking under notification no. 83/94-CE
CENVAT credit on input services utilized for trading activity is not allowable
Identification of nature of goods based on entries in RG-1 registration needs reconsideration
Denial of CENVAT to service receiver alleging issuance of invoice beyond prescribed period unjustified
CENVAT Credit on invoice issued by unregistered dealer allowed as receipt of goods not disputed
Differential duty demand unsustainable if entire exercise was revenue neutral
Duty demand in terms of rule 8 of Valuation Rules unsustainable as higher duty already paid
Waiver of mandatory pre-deposit not accepted instead three months further time granted
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
