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Answer Posted / devendar
An excise is considered an indirect tax
A tax on a good produced for sale, or sold, within a country or licenses for specific activities
It is also called as production or manufacturing tax, as this tax is levied upon production of an item and the manufacturer has to pay it. The end customer who buys the product is not liable to pay this tax.
Excise duty is levied on a number of products – for example, various alcoholic drinks and tobacco products – over and above VAT. A sample tax code can be as 10% VAT + 40% excise duty.
excise duty is levied by central government
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I'm facing a problem while posting a transaction, the errors showing "withholding tax amount exceed the total line item." I know the anmount calculated is more than the Base amount itself. But as i'm not a FI candidate, I want to know from where I have to change so that I can do the transaction, condition is that I cannot change any rate and code of ewt tax. Pls. help me out, it's urgent.
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