Which goods are exempted from excise duty?
2012 exempts excise duty on specified goods intended to be used for the installation of a cold storage, cold room or refrigerated vehicle, for the preservation, storage, transport or processing of agricultural, apiary, horticultural, dairy, poultry, aquatic & marine products and meat, subject to observance of the …
What is meant by central excise duty?
Central Excise Duty Central excise duties are levied by the Union Government on commodities manufactured or produced within the country and consumed within the country, as against the State excise duties which are levied on alcoholic drinks, opium, etc.
What are the various exemptions available to SSI in India?
Applicability of SSI Exemption Goods manufactured in Rural areas. Raw materials used by manufacturers. Packing Material, Account books, Registers and Writing pads. Manufacture of components, parts of any machinery or equipment for use as original equipment in the factory.
What are the objectives of central excise duty?
Its objective is to generate additional revenue for some specified object. It is applicable at the rates specified in schedule second to Central Excise Tariff Act, 1985.
On which products excise duty is applicable?
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. Alcohol does not come under the purview of GST as an exclusion mandated by constitutional provision.
What are the types of excise duty?
Types of Excise Duty
- Basic Excise Duty: Basic Excise Duty is levied under Section 3 of the Central Excises and Salt Act, 1944.
- Special Excise Duty: Central Excise Duty is charged under Section 37 of the Finance Act, 1978.
- Education Cess on Excise Duty: According to Section 93 of Finance (No.
What are the basic conditions for Central Excise duty?
(1) The duty is on goods. (2) The goods must be excisable. (3) The goods must be manufactured or produced and (4) such manufacture or production must be in India. Other essential requirement is that the goods must be ‘excisable’.
Who is liable to pay excise?
6. Who is liable to pay Excise Duty? Ans: The manufacturer or the producer of goods is liable to pay Excise Duty.
Is excise duty applicable after GST?
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.
Which one of the following items is excluded from the SSI exemption?
However tobacco products, pan masala, watches, matches, aluminium pattis/patta, steel pattis/pattas and some textile products are specifically excluded from SSI exemption.
What is the taxable event in Central Excise Act?
The taxable event under the Central Excise law is ‘manufacture’ and the liability of Central Excise duty arises as soon as the goods are manufactured.
What is the rate of central excise duty?
Tax rate: The rates applicable to excise duty are specified as per the central excise tariff rules. At the moment, excise duty is charged at 12.36% but it varies based on the kind of products.
Who is liable for excise tax?
The general rule is that the producer of a product is the one liable for the excise tax. However, if the tax is unpaid and possession is transferred to the buyer, the buyer/possessor of the product can be made liable for the excise tax.
How is excise duty calculated?
Excise duty to be computed on the basis of manufacturing cost plus profit where the goods are sold at a price below the cost of production : It was held that commercial cost of manufacturing the cars was not reflected in the assessable value declared by the assessee.
On which items excise duty is applicable?
What income is not countable for SSI?
A couple can get SSI if they have unearned income of less than $1,281 a month in 2022. Because a larger portion of earned income isn’t counted, a person who gets SSI can earn up to $1,767 a month ($2,607 for a couple) and still get SSI.
What is total countable income?
Countable Income definition Countable income is the amount left over after: Eliminating from consideration all items that are not income; and. Applying all appropriate exclusions to the items that are income.
What is non countable income?
Non-countable income: 1) Earnings of a child under age 18 years; 2) Loans; 3) Grants or scholarships to students for educational purposes other than any balance available.
What are central excise exemptions?
Central excise legislation is driven by exemption notifications. Under section 5A, the Central Government is empowered to grant exemption in public interest either absolutely or subject to conditions (either before or after removal) from the whole or any part of the duty of excise payable.
Can the central government exempt excisable goods from payment of duty?
Sub section (2) of section 5A states that the Central Government can exempt excisable goods from the payment of duty by a special order if it is satisfied that it is necessary in the public interest to do so, under circumstances of an exceptional nature which are to be stated in such order.
Are SSI units eligible for exemption from excise duty?
Thus, a manufacturer being an SSI unit is eligible for exemption from excise duty up to a turnover of ₹150 lacs (exemption limit) during the current year provided the turnover (aggregate clearances) in the previous year does not exceed ₹400 lacs.
How much turnover is required for exemption from excise duty?
b. Thus, a manufacturer being an SSI unit is eligible for exemption from excise duty up to a turnover of ₹150 lacs (exemption limit) during the current year provided the turnover (aggregate clearances) in the previous year does not exceed ₹400 lacs.