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What is excise duty
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Answer / h.r. sreepada bhagi
Excise Duty is the tax charged on the products manufactured.
In India it's now called CENVAT. In India it's a tax payable
to the Central Government and is governed by a separate Act.
| Is This Answer Correct ? | 11 Yes | 1 No |
Answer / vikrant
A Question for Sreepada, in continuation with above
question,
Why is Service Tax paid by us for Inward Services and
reduced from outward liability is called Cenvat Credit?
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / h.r. sreepada bhagi
Service tax is also a levy similar to the Excise (CENVAT) by
the Central Government. Like in CENVAT, Credit entitlement
is available for Service Tax on the Services received. This
credit can be set off against the output service tax and
also against Excise Duty payable as per the provisions of
the relevant Acts.
Here the main difference is CENVAT is applicable on products
and Service Tax is applicable on Services.
For more information refer latest edition of Service tax Act
and Central Excise Act. (CENVAT)
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / pramod shukla
it is duty ot the manufacture of the comodit. it is charges
when sold by manufacturere first stage dealar or second
stage dealar
| Is This Answer Correct ? | 1 Yes | 0 No |
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