How excise duty is calculated
This query is : Resolved
02 November 2012
sir/madam,
I want to know more about excise duty, is it calculate monthly. There is any input excise or output excise. is it calculate like VAT returns?
I want to know more about excise duty, is it calculate monthly. There is any input excise or output excise. is it calculate like VAT returns?
RAMESH KUMAR VERMA
(Expert)
03 November 2012
Method of calculation of duty
On assessable value of Rs. 100/-, the goods would be leviable to,-
Basic Customs Duty @ 35% = Rs. 35.0/-
Surcharge @ 10% = Rs. 3.5/-
Total Basic duty + Surcharge = Rs. 35.0 + Rs. 3.5/-
= Rs. 38.5/-
Value for the purpose of calculation of Additional Duty under section 3 of CTA, 1975 = Rs. 100/- + Rs. 38.5/-
= Rs. 138.5/-
Additional Duty of Customs = 16% of Rs. 138.5/-
= Rs. 22.160/-
Value for the purpose of calculation of Special Additional Duty under section 3A Of CTA, 1975 = Rs. 100/- +Rs. 38.5/-+ Rs. 22.160/-
= Rs. 160.660/-
Special Additional Duty = 4% of 160.660/-
= Rs. 6.426/-
Total duty payable = Rs. 35.0+ 3.5 + 22.160+ 6.426/-
= Rs. 67.086/-
Duty required to be paid = 50% of 67.086 = Rs. 33.543/-
On assessable value of Rs. 100/-, the goods would be leviable to,-
Basic Customs Duty @ 35% = Rs. 35.0/-
Surcharge @ 10% = Rs. 3.5/-
Total Basic duty + Surcharge = Rs. 35.0 + Rs. 3.5/-
= Rs. 38.5/-
Value for the purpose of calculation of Additional Duty under section 3 of CTA, 1975 = Rs. 100/- + Rs. 38.5/-
= Rs. 138.5/-
Additional Duty of Customs = 16% of Rs. 138.5/-
= Rs. 22.160/-
Value for the purpose of calculation of Special Additional Duty under section 3A Of CTA, 1975 = Rs. 100/- +Rs. 38.5/-+ Rs. 22.160/-
= Rs. 160.660/-
Special Additional Duty = 4% of 160.660/-
= Rs. 6.426/-
Total duty payable = Rs. 35.0+ 3.5 + 22.160+ 6.426/-
= Rs. 67.086/-
Duty required to be paid = 50% of 67.086 = Rs. 33.543/-
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