Central excise duty is a form of tax that is indirectly applicable to goods or products that are manufactured or produced within india these goods are specifically created for the purpose of personal consumption. Central government revenue through levy of excise duty on petrol/diesel has more than tripled in the three year period between 2013-14 and 2016-17 owing to this increase in tax rate excise duty on diesel increased from rs 356 to rs 1733 in 3 years. Although sometimes referred to as a tax, excise is specifically a duty tax is technically a levy on an individual (or more accurately, the assessment of what that amount might be), while duty is a levy on particular goods. An excise duty is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country) it is a tax on the production or sale of a good. Some important aspects general - central excise duty is renamed as central value added tax (cenvat) wef 1252000 basic concepts basic pre-requisites for levy of central excise duty - in order to acquire basic working knowledge in relation to law on central excise, understanding of some of the basic concepts of central excise would be very much essential.
In a hurry to give effect to the constitutional amendments wrt gst, the government seems to have suspended the central excise levy. In this year’s budget, a nominal excise duty of 1% [without input tax credit] and 125% [with input tax credit] has been imposed on articles of jewellery with simplified procedures salient features of the simplified procedures for this levy have been explained vide press release issued by the government on 4 th of march, 2016. Commissioner of central excise vs m/s grasim industries ltd (supreme court of india) it was held that measure of the levy contemplated in section 4 of the act will not be controlled by the nature of the levyso long a reasonable nexus is discernible between the measure and the nature of the levy both section 3 and 4 would operate in their respective fields as indicated above. Central board of excise and customs (cbec) is a part of the department of revenue under the ministry of finance, government of india it deals with the tasks of formulation of policy concerning levy and collection of customs & central excise duties and service tax, prevention of smuggling and administration of matters relating to customs, central excise, service tax and narcotics to the extent.
Levy of excise duty and compliance, central excise issue id: - 4806 dated: 11-10-2012 by:-sc wadhwa : levy of excise duty and compliance contents we are manufacturers of food products falling under chapters 7,20 and 21. It deals with the tasks of formulation of policy concerning levy and collection of customs & central excise duties and service tax, prevention of smuggling and administration of matters relating to customs, central excise, service tax and narcotics to the extent under cbec's purview. It deals with the tasks of formulation of policy concerning levy and collection of customs & central excise duties and service tax, prevention of smuggling and administration of matters relating to customs, central excise, service tax and narcotics to the extent under cbec’s purview. Compounded levy under central excise introduction compounded levy scheme is prescribed under rule 15 of central excise rules, 2002 it is the duty payable at fixed rate on the basis of certain factors that are relevant for production of goods such as scale of operation, capacity of the machines, size of the machines etc. Basic conditions for levy of excise duty - xlri.
The central board of excise and customs, in the ministry of finance, is the apex body for administering the levy and collection of indirect taxes of the union of india viz central excise duty, customs duty and service tax, and for facilitating cross border movement of goods & services. With effect from 01072012, renting of immovable property service rendered by a religious body or to a religious body is taxable it may also be noted that with effect from 01072012, rent received from even govt offices are subject to levy of service tax. (c ) compounded levy scheme ( rule 15 of the central excise rules ,2002 ) (d ) duty based on capacity of production ( section 3a of the ce act ,1944 ) specific duty – in the case of some goods, duty is payable on the basis of certain unit may be length, weight, volume etc.
In india, excise duty is levied in accordance with the provisions of central excise act, 1944it is the basic act which lays down the law relating to levy and collection of central excise duty. Taxable event : excise duty is leviable on all excisable goods, which are produced or manufactured in indiathus, manufacture or production in india’ of an excisable goods is a ‘taxable event’ for central excise. Levy and collection of duty, duties specified in the first schedule, valuation of excisable goods for purposes of charging of duty of excise. Central board of excise & customs new delhi frequently asked questions (faqs) on goods and services tax (gst) 2nd edition: 31st march, 2017 sales, the centre has the power to levy a tax (the central sales tax) but, the tax is collected and retained entirely by the states as for services, it is the centre alone that.
Section 3(1)(b) of the central excise act, 1944 permits levy of a ‘special duty of excise’, on excisable goods specified in the second schedule to the central excise tariff act, 1985 the rate of such excise duty has been set forth in the aforementioned second schedule. Excise duty is a type of indirect tax levied on production or manufacture of excisable goods in india the excise duty is collected by central board of excise and customs (cbec. Basic - excise duty, imposed under section 3 of the 'central excises and salt act' of 1944 on all excisable goods other than salt produced or manufactured in india, at the rates set forth in the schedule to the central excise tariff act, 1985, falls under the category of basic excise duty in india.