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What is excise ? :(

Deepak sharma (Learner) (1431 Points)

29 April 2013

Hi Everyone

Can Anyone describe or share the shortest & simple way to learn Excise all about ??

Thanks

Deepak

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2 Replies

CA Mukesh Choudhari (xyz) (153 Points)
Replied 30 April 2013

Central Excise duty is an indirect tax levied on those goods which are manufactured in India and are meant for home consumption. The taxable event is 'manufacture' and the liability of central excise duty arises as soon as the goods are manufactured. It is a tax on manufacturing, which is paid by a manufacturer, who passes its incidence on to the customers.

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CA. Akhil Maangal (Head - Finance & Accouunts) (131 Points)
Replied 08 May 2013

Originally posted by : mukesh kumar
	Central Excise duty is an indirect tax levied on those goods which are manufactured in India and are meant for home consumption. The taxable event is 'manufacture' and the liability of central excise duty arises as soon as the goods are manufactured. It is a tax on manufacturing, which is paid by a manufacturer, who passes its incidence on to the customers.

Agree with Mukesh Kumar but I wanna rectify Mukesh Kumar in regard to liability to pay Excise Duty. The Liability to pay Excise Duty arises as soon as the Goods are Removed from factory or Warehouse.