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Types of Excise Duty

The document discusses the different types of excise duty levied in India, including CENVAT, special excise duty, additional duties of excise in lieu of sales taxes, excise duties under other acts, special excise duty under finance acts, national calamity contingent duty, special additional excise duty, educational cess, and secondary and higher education cess. CENVAT is the basic duty levied on excisable goods at rates specified in the first schedule of the Central Excise Tariff Act. Special excise duty is levied on goods listed in the second schedule at rates of 8% or 16% depending on the good.

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1K views3 pages

Types of Excise Duty

The document discusses the different types of excise duty levied in India, including CENVAT, special excise duty, additional duties of excise in lieu of sales taxes, excise duties under other acts, special excise duty under finance acts, national calamity contingent duty, special additional excise duty, educational cess, and secondary and higher education cess. CENVAT is the basic duty levied on excisable goods at rates specified in the first schedule of the Central Excise Tariff Act. Special excise duty is levied on goods listed in the second schedule at rates of 8% or 16% depending on the good.

Uploaded by

Mithun Sa
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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TYPES OF EXSICE DUTY Meaning: Excise duty is a duty levied on production and manufacture of goods in India.

Goods which are liable for excise duty mentioned in central excise tariff act-1985

Kinds of Excise Duty CENVAT Special Excise Duty Additional duties of excise , in lieu of sales taxes Excise Duties and Cesses leviable other Acts Special Excise duty under the Finance Acts National Calamity Contingent Duty Special Additional Excise Duty Educational Cess Secondary and Higher Education Cess

CENVAT It is the duty levied on the excisable goods at the rates specified in the first Schedule of Central Tariff Act 1985.The duty may be specified duty or advalorem duty. Current the products attract either 10% or 4% Cenvat

Special Excise Duty It is the duty levied on the excisable goods at the rates of specified in the Second Schedule of the Central Excise Tariff Act,1985.Pan masala and tobacco products attract 16% duty and all others goods in schedule attracts 8% duty. Additional duties of excise , in lieu of sales taxes Section 3(1) of the CETA 1985 empowers the central government to levy additional duties of excise. The govt. has enacted the Additional Duties of Excise (Goods of special important) Act, 1957.There are several goods (termed declared goods under CST Act,1956) on which the power of state govt. to levy duty is restricted Excise Duties and Cesses leviable other Acts The Central Govt has enacted various Acts and notification to levy special duties of excise on specified goods. These special duties are in addition to the above mentioned duties. The rates of duty may be specified or advalorem or may be in the form of cess on duties Special Excise duty under the Finance Acts Finance Acts are passed in the Parliament every year which some provide for special type of excise duty to be levied in addition to other excise duties. The rates of duty, the basis of charging, and the goods covered are specified in the Finance Act itself or by a notification. Eg: The Finance Act 2005 introduces an additional duty on Pan Masala and Tobacco products at 10%. National Calamity Contingent Duty This new type of excise duty was introduce in the budget 2001. The levy is applicable only to Pan Masala, cigarettes, beedies, snuff, petroleum oils, motor vehicles and mobiles phones. The rates of duty are provided in the 7 sche. Of Finance Act, 2001

Special Additional Excise Duty The budget 2002 has imposed a new surcharge called special additional excise duty (SAED) at the rate of Rs 7 per petrol and Re 1 per litre on diesel (Re 1 per litre on petrol and nil on diesel w.e.f. 1-3-2003 Educational Cess An Educational cess at the rate of 2% of the aggregate duties of excise has been imposed by Finance Act 2004. The cess is effective from 9-7-2004 Secondary and Higher Education Cess AS & HE @1% of the aggregate of duties has been imposed on excisable goods with effect from 1-3-2007. It is calculated in the same manner as Educational Cess

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