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An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).Central Excise duty is an indirect tax levied on those goods which are manufactured in India and are meant for home consumption. The taxable event is ‘manufacture’ and the liability of central excise duty arises as soon as the goods are manufactured. An excise tax is a tax on use or consumption of certain products. Excise taxes (sometimes called “duties”) are sometimes included in the price of a product, such as motor fuels, cigarettes, and alcohol. Excise taxes may also be imposed on some activities, like gambling.
Customs Duty is a tax imposed on imports and exports of goods. Description: The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods. … Additional Customs Duty is a tariff or tax imposed on goods when transported across international borders. The purpose of Customs Duty is a type of indirect tax levied on goods imported into India as well as on goods exported from India. Taxable event is import into or export from India. Import of goods means bringing into India of goods from a place outside India. Get a free consultation for Central Excise and Custom Registration with Filling and Business Setup in India by Scheduling an appointment with an Adhimukti Associates Advisor.
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