Central Excise

[Guest]

Dear sirs,

I want to know about Central Excise. Can you please explain me.

[Mahir S]

In the Indian tax structure, there are a lot of taxes that people pay for different reasons. Income tax, sales tax, entertainment tax, value added tax etc. All these taxes are existent because in some way or the other it impacts and helps the economy. One such tax that is prevalent in any manufacturing sector is the excise duty.

An excise or excise duty is a type of tax charged on goods produced within the country. It is a tax on the production and sale of a good. This tax is also now known as the Central Value Added Tax (CENVAT).

Though the collection of tax is to augment as much revenue as possible to the government to provide public services, over the years it has been used as an instrument of fiscal policy to stimulate economic growth. Thus it is one of the socio-economic objectives

[YAGAY andSUN]

Dear Mr. Reddy,

For details please click on the following link

www.dateyvs.com

Regards

Team YAGAY & SUN

(Consultants - Indirect Taxation)

AI Summary

Excise duty: tax on domestic production used as a fiscal policy instrument shaping manufacturing taxation. Excise duty in India is a tax on goods produced within the country, charged at the point of manufacture and on the production and sale of goods. Referred to as Cenvat, central excise is an indirect tax on the manufacturing sector and is used both to raise revenue and as a fiscal policy instrument to pursue socio-economic objectives; an ancillary reply points to an external consultancy link for further details.