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Help understanding ed and vat on toluene

Consultant2b (Director) (57 Points)

14 October 2011

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

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5 Replies

ACMA Obulirajan R (M.Com, ACMA) (1119 Points)
Replied 14 October 2011

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.

Consultant2b (Director) (57 Points)
Replied 17 October 2011

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