Excise duty on most commodities ranges between 0 to 16%.Only on seven items duty is imposed at 32% for ex.motor cars,tyres,aerated soft drinks,air conditioners,polyesters filament yarn,pan masala and chewing tobacco.
Duty is charged at 30% on petrol with additional excise duty at Rs.7 per litre.The said rates are subject to exemptions and deductions thereon as may be notified from time to time.Central VAT (CENVAT)is applicable to practically all manufactured goods,so as to avoid cascading effect on duty.
Small Scale Sector is exempted from payment of excise duty from annual production upto Rs.10 million.
Answered by vikas kumar
at
5:42 PM on March 05, 2008