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How Many Types of Excise Duties?  

Asked in Personal Finance & Tax at 8:45 AM on November 21, 2008

Tags: types excise duties

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ram nath
ram nath

under section 3 of central excise Act, two types of excise duties are levied 1) Basic Excise duty which is termed as Cenvat under Section 2A 2) Special excise duty at the rates specied in Central Excise Tariff reads with exemption notification ( Secton 3 ( 1)( A)).

Answered by rahul joshi at 5:56 PM on August 01, 2009

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rahul joshi
rahul joshi

Well Ram! In India, the three types of Central Excise Taxes being collected include the Basic Excise Duty, Additional Duty of Excise, and Special Excise Duty.

The Basic Excise Duty is charged under the Section 3 of the Central Excises and Salt Act, 1944. According to this all excisable goods other than salt produced or manufactured in India, has to pay the rates given in the schedule to the Central Excise Tariff Act, 1985.

As per the Section 3 of the Additional duties of Excise Act, 1957 it is authorized that only the goods described in the Schedule to this Act are liable for Excise Tax payments. Generally these are imposed under different categories like medicinal and toilet preparations, sugar and other industries development.

The Special Excise Duty following the Section 37 of the Finance Act, 1978 was imposed on all excisable goods that are also subjected to Basic excise Duty under the Central Excises and Salt Act, 1944. However, the Finance Act provisions regarding the said fiscal year specify the levy and collection of the Special Excise Duty.

http://business.mapsofindia.com /india-tax/types/excise.html

Answered by Hemant Kumar at 5:52 PM on November 21, 2008

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Hemant Kumar
Hemant Kumar

There are three types of Central Excise duties collected in India namely

1. Basic Excise Duty

This is the duty charged under section 3 of the Central Excises and Salt Act,1944 on all excisable goods other than salt which are produced or manufactured in India at the rates set forth in the schedule to the Central Excise tariff Act,1985.

2. Additional Duty of Excise

Section 3 of the Additional duties of Excise (goods of special importance) Act,1957 authorises the levy and collection in respect of the goods described in the Schedule to this Act. This is levied in lieu of sales Tax and shared between Central and State Governments. These are levied under different enactment's like medicinal and toilet preparations, sugar etc. and other industries development etc.

3. Special Excise Duty

As per the Section 37 of the Finance Act,1978 Special excise Duty was attracted on all excisable goods on which there is a levy of Basic excise Duty under the Central Excises and Salt Act,1944.Since then each year the relevant provisions of the Finance Act specifies that the Special Excise Duty shall be or shall not be levied and collected during the relevant financial year.

Answered by Seema at 8:55 AM on November 21, 2008

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Seema
Seema

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