Excise is on manufacturing goods
This query is : Resolved
14 September 2013
Dear Experts Excise Duty is imposed on manufacturing goods at the time of goods made or after it has been sold & amount received.
14 September 2013
Hi, as per central excise act, 1944 excise duty is on "manufactured goods", liability arises as soon as goods manufactured. Payment of duty on clearing of goods (removal of goods from factory), this is just a collection convenience. Hence selling of goods or receipt of payments are not relevant for excise duty..
Many Thanks,
Loganathan
Cost Accountant
Many Thanks,
Loganathan
Cost Accountant
14 September 2013
Excise duty is on manufacture of goods. The duty is payable at the time of removal from factory, if it is the place of removal.
It does not have relationship om whether the goods are sold & amount received.
It does not have relationship om whether the goods are sold & amount received.
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