The Excise duty is the indirect tax and is like a value
added tax. The Excise Duty levied by central govt. on
manufacture or production of goods in india. It is charged
at time finished goods cleared from our place. Excise
Invoice raised for this tax.
The rate of the Excise Duty(ED) is 10% on the
transaction/goods value, Edu. Cess @ 2% on ED and S&H Edu.
Cess @ 1% on ED from 07.12.2008 onwards.
Excise Duty is an indirect tax leived by the government
at the time of removal of manufactured goods in India from
the factory premises under cover of invoice. The current
rate of Excise duty from 25th of Feb, 2009 if 8%(Basic
Excise Duty), 2%(Edu-cess), 1% (Higher Edu-cess)
Manufactured goods (Excisable) if we charged less rate at
the time of despatch the material and raised excise gate
pass then authomatically all the value (liability) is less
as compare to revised price. So Calculation the difference
of value is to be payable excise duty and interest on the
exisiting rate as per period of delay days.