What is the meaning of excise goods?

An excise, or excise tax, is any duty on manufactured goods that is levied at the moment of manufacture rather than at sale. Excises are typically imposed in addition to an indirect tax such as a sales tax or value-added tax (VAT).

What means excisable goods are manufactured?

According to Section 2(f) of Central Excise Act, 1944, the manufacturer includes: “A person who manufactures himself. A person who does not employ hired labour but still gets the manufacturing activity done from others under his direction control and supervision.

What do you mean by central excise duty?

Central excise duty is an indirect tax, i.e. each person, rich or poor, is liable to pay tax indirectly on purchase of goods which have already been charged to duty. This tax is administered under the authority of Entry 84 of Union List of the Seventh Schedule read with Article 226 of the Constitution of India.

What is non excisable goods?

11 July 2012 non excisable goods are those, which are not shown in CENTRAL EXCISE TARRIF ACT. exempted goods are those, which are shown in CENTRAL EXCISE TARRIF ACT, but duty liability is exemted by any of the notifications issued by the central gazzete of india.

Which of the following are excisable goods?

Excisable goods are as follows:

• Alcohol and alcoholic beverages, for instance: wine. beer. cider. spirits.
• Tobacco products, for instance: cigarettes. cigars. cigarillos. roll-your-own and pipe tobacco.
• Mineral oils (motor and heating fuels).

Which form is issued for the removal of excisable goods on payment of duty?

Forms

What is in bond manufacturing?

Bonded manufacturing allows the manufacturer to import the raw materials and capital goods without payment of customs duty and IGST. Where the finished goods or the processed goods are exported, there will be no need to pay the customs duty and IGST on the raw materials imported.

What is the difference between state excise and Central Excise?

Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called “State Excise” duty. The Excise duty on rest of goods is called “Central Excise” duty and is collected in terms of Section 3 of the Central Excise Act, 1944.

What are the different types of excise duty imposed on excisable goods?

Types of Excise Duty. Here are the different types of excise duties: Basic Excise Duty: Basic Excise Duty is levied under Section 3 of the Central Excises and Salt Act, 1944. Under this section, all excisable products apart from salt, manufactured of produced in India, are subject to Basic Excise Duty.