Excise Duty

[abhishreshthaa]

Excise Duty


Manufacture of goods in India attracts Excise Duty under the Central Excise act 1944 and the Central Excise Tariff Act 1985. Herein, the term Manufacture means bringing into existence a new article having a distinct name, character, use and marketability and includes packing, labeling etc.


Most of the products attract excise duties at the rate of 16%. Some products also attract special excise duty/and an additional duty of excise at the rate of 8% above the 16% excise duty. 2% education cess is also applicable on the aggregate of the duties of excise.


Excise duty is levied on ad valorem basis or based on the maximum retail price in some cases.

 

[jitendra05]

Excise Duty


Manufacture of goods in India attracts Excise Duty under the Central Excise act 1944 and the Central Excise Tariff Act 1985. Herein, the term Manufacture means bringing into existence a new article having a distinct name, character, use and marketability and includes packing, labeling etc.


Most of the products attract excise duties at the rate of 16%. Some products also attract special excise duty/and an additional duty of excise at the rate of 8% above the 16% excise duty. 2% education cess is also applicable on the aggregate of the duties of excise.


Excise duty is levied on ad valorem basis or based on the maximum retail price in some cases.

Well, it is a type of tax which is levied by the central government on the goods or products manufactured within country. I am also adding a document to explain the excise duty in more detail. So please download and check it.