What is central excise rules?
Central Excise (Appeals) Rules, 2001. Central Excise (Compounding of Offences) Rules, 2005. Central Excise (Determination of Retail Sale Price of Excisable Goods) Rules, 2008. Customs and Central Excise Duties and Service Tax Drawback Rules, 1995. Central Excise (Removal of Difficulties) Rules, 2005.
What are the excisable goods?
The term ‘excisable goods’ means the goods which are specified in the first schedule and the second schedule to the Central Excise Tariff Act, 1985, as being subject to a duty of excise and includes salt.
What are the features of 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 central excise clearance?
Central excise clearance is one of the procedures under exports and Imports in India. Since export central excise clearance procedures and formalities may get amended time to time, you can update the rules and regulations of central excise in terms of export movement of goods.
What is difference between Modvat and Cenvat?
CENVAT is an adaptation of VAT, which came into force in the country in 1986 in the form of MODVAT (Modified Value Added Tax). Today, MODVAT isn’t used as a term and CENVAT is the tax charged by the Central government on products or services at different levels of manufacture.
What are the basis for levy of excise duty?
Tax base: Excise duty is levied on the manufacture of products, while GST is charged at every stage of the supply chain, from manufacture till the sale of the products. Point of taxation: Excise duty is charged at the time of the removal of products, while GST is charged at the time of supply of products and services.
What is Upsc excise?
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 are the powers of excise officer?
(1) Any Central Excise Officer duly empowered by the Central Government in this behalf, shall have power to summon any person whose attendance he considers necessary either to give evidence or to produce a document or any other thing in any inquiry which such officer is making for any of the purposes of this Act.