Asked in Bangalore at 4:04 PM on September 11, 2008
Tags: excise duty vat modvat cst customs
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Visit www.incometaxindia.gov.in & you can know about different types of taxes & for whom is it applicable.
Answered by Kvon_fury at 4:11 PM on September 11, 2008
Excise duty is replaced by VAT in |Congress Governed states and some others. Excise Duty is an indirect tax, levied by the State on the manufacture of the commodity. The essential features of an Excise duty can be outlined as follows: It must be a duty on the goods; The goods must be excisable; The goods must be manufactured or produced; The manufacture or production has to be within India
Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called "State Excise" duty. The Excise duty on rest of goods is called "Central Excise" duty and is collected in terms of Section 3 of the Central Excise Act, 1944. Sales Tax is different from the Excise
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. Excises are distinguished from customs duties, which are taxes on importation. Excises are inland taxes, whereas customs duties are border taxes.An excise is considered an indirect tax, meaning such as a sales tax or value added tax VAT. In common terminology but not necessarily in law, an excise is distinguished from a sales tax or VAT in three ways: an excise typically applies to a narrower range
, the structure of the excise duty has been left unchanged.Expect ITC to raise cigarette prices by 14-15: We estimate 9 price hike to neutralize the excise increase and another 2-3 to pass on the VAT increase we term as intelligence at your doorstep.For more details about, please refer to the links:http://www.motilalos wal.com/http://goo.gl/24io 8http://goo.gl/OQBKXht tp://goo.gl/UuuAY...Hi Vinay,Excise duty
Hi Veena,Excise duty on cigarettes raised 18 after 21 hike last year: The government has increased the excise duty on cigarettes, except for the sub-65mm segment, by 18 against our expectation of a 10 increase. We note that this is the first time in recent history when excise duty has been increased by 15 plus for two consecutive years 21 hike in FY13. Effectively, excise duty on cigarettes has
Hi Pasala,Excise duty on cigarettes raised 18 after 21 hike last year: The government has increased the excise duty on cigarettes, except for the sub-65mm segment, by 18 against our expectation of a 10 increase. We note that this is the first time in recent history when excise duty has been increased by 15 plus for two consecutive years 21 hike in FY13. Effectively, excise duty on cigarettes has
