Excise duty

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

TAVKER NIKUNJ

TAVKER NIKUNJ (Querist)
Follow

18 April 2013 WHAT IS EXCISE DUTY & GIVE ME A PROPER DETAIL OF EXCISE DUTY

CA Vikas Acharya

CA Vikas Acharya (Expert)
Follow

18 April 2013 excise duty is a tax levied by central goverment in case of:

excisable goods produced or manufactured in india.

excisable goods = list of excisable goods given in a law called CENTRAL EXCISE TARIFF ACT.

produced/manufactured = when something transfers in a new form after any process been done.

India = You know this.

it is almost on every thing we purchase, though not written on the packet.

the best thing is when we produce curd from milk at home we don't need to pay excise, as there is a exemption upto 150 lakhs of production, but when the same thing is done by mother dairy they have to pay the excise.

this is a short intro, for details you have to refer a good book or teacher.
as lot complexities involved.

Message likes : 1 times

TAVKER NIKUNJ

TAVKER NIKUNJ (Querist)
Follow

18 April 2013 IT MINS WHICH COMPANY HAVE BIG TURN OVER ( ABOVE 150 LAKS) SO IT'S LIABLE FOR EXCISE DUTY

CA Vikas Acharya

CA Vikas Acharya (Expert)
Follow

18 April 2013 you can say it, but not every company, all the conditions as per law has to be satisfied.
it can not be answered until the complete detail of process is known.

even the word india has special meaning for excise, so production/ manufacture etc all the things has to be checked.
so fact of the cases decides whether need to pay excise or not.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now