Explain Central Excise Duty?
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Answer / aman
Central excise duty is an indirect tax which is charged on
such goods that are manufactured in India and are meant for
domestic consumption. The taxable fact is "manufacture" and
the liability of central excise duty arises as soon as the
goods are manufactured. The tax is on manufacturing, it is
paid by a manufacturer, which is then passed on to the
customer.
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.
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