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Excise duty calculation
Dear Professionals, Experts & Friends
A dealer manufacturing wooden items like Chairs, Table, Cot, Sofa set, Almirah. His turn over crossed Rs.1.5 Crore. Now I want to know whether it covers under excise? if it so Under which tariff these items comes?. What is the rate and cess? Is there any abatement? How to calculate assesable value and duty?
Replies (3)
chapter 44 see the tariff heading accordingly in the chapter pay duty at 12.36% 12% rate 2% higher education cess and 1% secondary education cess assessable value nothing but the sale price for the item no abatement
Rate of excise duty is 12.5%
NoCess
No abatement
Either pay Excise duty on the value charged or treat the total transaction value as Cum-duty price
Thank you for your valuable reply.
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