Excise duty
This query is : Resolved
TAVKER NIKUNJ
(Querist)
18 April 2013
WHAT IS EXCISE DUTY & GIVE ME A PROPER DETAIL OF EXCISE DUTY
CA Vikas Acharya
(Expert)
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.
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.
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TAVKER NIKUNJ
(Querist)
18 April 2013
IT MINS WHICH COMPANY HAVE BIG TURN OVER ( ABOVE 150 LAKS) SO IT'S LIABLE FOR EXCISE DUTY
CA Vikas Acharya
(Expert)
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.
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
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