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What are 2 types of indirect taxes?
Excise-Duty and Custom-Duty
What is MODVAT?
Modvat stands for "Modified Value Added Tax". It is a scheme for allowing relief to final manufacturers on the excise duty borne by their suppliers in respect of goods manufactured by them. eg ABC Ltd is a manufacturer and it purchases certain components from PQR Ltd for use in manufacture. POR Ltd would have paid excise duty on components manufactured by it and it would have recovered that excise duty in its sales price from ABC Ltd. Now, ABC Ltd has to pay excise duty on toys manufactured by it as well as bear the excise duty paid by its supplier, PQR Ltd. This amounts to multiple taxation. Modvat is a scheme where ABC Ltd can take credit for excise duty paid by PQR Ltd so that lower excise duty is payable by ABC Ltd.
Which of the tax gives the maximum revenue in Union Budget?
excise duty
A tax on perfume is what kind of tax?
A tax on perfume is an excise tax. An excise tax is an in-country, or inland, tax on a specific good produced for sale. If the tax is on the perfume as it is imported, it is a customs duty or border tax.
Does net purchase price include sales tax?
what is meant by net price? does it include excise duty? If included, how is it claculated
What is terminal excise duty?
Terminal excise duty is a fee charged on all goods that are manufactured. Excise duty is levied by central or federal governments.
What is the full form of FED?
Federal excise duty
What is terminal excise duty and how it is different from normal excise duty?
Terminal excise duty is a tax levied on goods that are produced and consumed within a specific region or terminal, often applied to goods sold in a particular area, such as a free trade zone. Unlike normal excise duty, which is generally applied to the manufacture or production of goods regardless of where they are sold, terminal excise duty focuses on the point of sale or consumption. This distinction means that terminal excise duty can vary based on location, whereas normal excise duty typically applies uniformly across a country. Additionally, terminal excise duty may be aimed at promoting local consumption or trade within designated areas.
What is the rate of excise duty?
10%
What are 2 types of indirect taxes?
Excise-Duty and Custom-Duty
Define customs duties and excise taxes?
can excise duty 3.1827% is applicable in EPGC scheme
What is central excise duty?
The central excise duty refers to an indirect tax which is levied on goods manufactured in India. These are the goods which are meant for consumption at home.
What is alcohol duty?
Most products containing alcohol are subject to 'taxation' known as Excise Duty which is collected by Customs and Excise, it is levied on manufacturers and importers
Does excise duty includes in Ex Works price?
Unless otherwise catergorically mentioned Ex- works price always include Excise duty.
What is central excise ct3?
it is a permission granted by the concerned central excise asst. commissioner to remove goods without paying excise duty
What is MODVAT?
Modvat stands for "Modified Value Added Tax". It is a scheme for allowing relief to final manufacturers on the excise duty borne by their suppliers in respect of goods manufactured by them. eg ABC Ltd is a manufacturer and it purchases certain components from PQR Ltd for use in manufacture. POR Ltd would have paid excise duty on components manufactured by it and it would have recovered that excise duty in its sales price from ABC Ltd. Now, ABC Ltd has to pay excise duty on toys manufactured by it as well as bear the excise duty paid by its supplier, PQR Ltd. This amounts to multiple taxation. Modvat is a scheme where ABC Ltd can take credit for excise duty paid by PQR Ltd so that lower excise duty is payable by ABC Ltd.
Is a excise duty a direct tax?
No. It is indirect tax.
