How do you calculate assessable value of excise duty?
Assessable value is computed for excise duty purpose @ 110% of cost of production and excise duty is being paid @ 6% of Assessable Value. 4. Unit “C” is exempted from payment of excise duty.
What was central excise duty charged?
Central Excise duty is an indirect tax levied on goods manufactured in India. Excisable goods have been defined as those, which have been specified in the Central Excise Tariff Act as being subjected to the duty of excise. The word “Goods” has not been defined in the Act.
Which item will be taxable both under central excise law and the GST?
No, excise duty is levied by the central government except on some items such as narcotics and alcohol. 3- Has GST subsumed excise duty? Yes, excise duty has been subsumed by the Goods and Service Tax (GST) along with other indirect taxes. However, excise duty is still levied on certain items like petroleum and liquor.
What is not included in assessable value?
Royalties and license fees related to imported goods that the buyer is required to pay, directly or indirectly, as a condition of sale of the goods being valued, to the extent that such royalties and fees are not included in the price actually paid or payable, are required to be added in assessable value.
How is BCD calculated?
i. Basic Customs Duty (BCD): This is the tax that is calculated on the Assessment Value of the goods that have landed at the customs border of India. It can vary between 0% to 100%. BCD depends upon the HSN code of the product and the Country of Import.
What do you mean by assessable value explain the term in reference of the Central Excise duty?
Assessable Value – Sec. Section 4(1) (a) of Central Excise Act states that ‘assessable value’ when duty of excise is chargeable on. excisable goods with reference to value will be transaction value on each removal of goods, if following. conditions are satisfied – 1.
What is Upsc excise?
What is Excise Duty? Excise duty is a form of tax imposed on goods for their production, licensing and sale. It is the opposite of Customs duty in sense that it applies to goods manufactured domestically in the country, while Customs is levied on those coming from outside of the country.
What is Central Excise law?
The Central Excise Act, 1944 was created to ensure that laws concerning the Central Duties of Excise on any goods or products manufactured within the length and breadth of India, could be consolidated as well as amended by the Central Government.
Which products are subject to excise and GST both?
However, the Goods and Services Tax (GST), introduction in July 2017, subsumed many types of excise duty. Today, excise duty applies only on petroleum and liquor. Excise duty was levied on manufactured goods and levied at the time of removal of goods, while GST is levied on the supply of goods and services.
Is Value Added Tax An excise tax?
The main difference between VAT and excise duty is that value-added tax (VAT) is the tax on goods when the value is added to it as it moves from the production stage to the final stage of reaching the market. Excise duty is the tax added to the manufacturing of goods.
How is assessable value calculated?
Assessable value = Cost + Insurance + Freight+ Handling charges. to calculate the AV, You need to calculate the CIF value. As per Circular 39/2017-Customs, The CIF value and Assessable value are the same. (CIF) value is the actual value of the goods when they are shipped.
How to read the Central Excise valuation rules?
(i) Central Excise Valuation Rules ought to be read within the ambit of Section 4 of the Central Excise Act. (ii) Explanation-1 of Rule 6 of the Central Excise Valuation Rules is required to be read with the definition of transaction value given under Section 4 (3) (d) of the Central Excise Act.
What is the charging provision of the Central Excise Act?
Section 3 of the Central Excise Act is the charging provision, which levy Central Excise Duty on excisable goods. Explanation 1 of Section 2 (d) provides that goods include any article, material or substance capable of being brought and sold for a consideration and such goods shall be deemed to be marketable.
Who is the Superintendent Central Excise of Cochin?
Shri M. R. Ramachandran, Superintendent Central Excise,Cochin received the The Goods and Services Tax, rolled out nationally on July 1, 2017 that was a very
What are the achievements of the Central Excise Cochin football team?
The Central Excise Cochin Football Team has won the Cochin Premier League title and Ms. Reshma Lakhani, Commissioner of Central Excise, Kochi, has won the fame of South Mr. Sanave Thomas and Mr. K. Aneesh has won a gold medal in the men’s doubles