Apoligies if this is not the right forum, so I am unsure as to what should be right category for my question.
Basically, I am interested in researching Toluene prices in India and they are available here: https://www.bharatpetroleum.com/YourCorner/PetroPrice.aspx?id=5 .
However, on that page it says: (Basic prices before ED and Taxes)
I was wondering, what does ED here refer to and where can I find the applicable rates of ED and Taxes on this.
Thanks
ED stands for Excise Duty.. please check up the Chapter 27: Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes for ED on Toluene.
Hi Obulirajan,
Thanks for the help. Based on this link https://www.eximguru.com/excise-duty/27072000-toluol-toluene.aspx
It seems that as Per 1st March 2011, Toluene is Cenvat is 14% and Excise cess is 3%. Does this mean that the VAT on this product is 14% and Excisee 3%. Also, lets assume the value of the product is 1000, do we add 14% on 1000 first and then add 3% on the total (i.e. 3% of 1140) or vice versa?
Thanks
No Excise duty is 14% and Cess and SAH is 3%
VAT is extra..
So basically we would have
Product Cost
+ 14% on Product Cost
+ 3% on the total of above two.
and then VAT on the final value we get?
Also, where can I find out the rate of VAT applicable on this product.
Excise duty will be levied depends of product.. However for Toluene it is on advelarum value...
VAT rate may vary state to state.. please check up ur state VAT law.
CAclubindia
