Excise Duty
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Unit eligible for exemption under notification 50/2003-CE continue to be eligible under Scheme of Budgetary Support
Cenvat Credit cannot be denied if duty is paid on finished goods even though it attract nil rate of duty or exempted
Applicability of transitional provisions CCR Rule 11(3) to both sub-rules 3(i) & 3(ii)
No extension beyond limitation period under Central Excise Act for refund applications
CESTAT allows refund/recredit of excess reversal of Cenvat Credit
Special Additional Excise Duty on Diesel reduced to Rs. 1 per litre
SAED on production of Petroleum Crude & export of Aviation turbine Fuel reduced
Assessee entitled to refund of unutilized Cenvat credit of Education and S&H Education Cess
Freight charges for delivering goods upto buyers’ premises is not includible in assessable value
Process of mixing of thermol and mixed oil doesn’t amount to manufacture
Exemption Notification No. 30/2004-CE is not an absolute exemption
Cenvat Credit balance will not lapse only if product is exempted conditionally
Cenvat Credit lapse only if product is exempted absolutely under Section 5A of Central Excise Act
Notification No. 30/2004-CE dated 09.07.2004 is a conditional notification
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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
