Excise Duty is an indirect tax. The manufacturer is liable to pay the Excise Duty. The levy and collection of excise duty is provided under the authority of the Central Excise Act, 1944 at the rates specified Central Excise Tariff Act, 1985. Excisable goods are goods which are specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985, as being subject to a duty of excise. This includes salt.
The term manufacture includes any process, which is
● Incidental or ancillary to the completion of a manufactured product
● Specified in relation to any goods in the Section or Chapter Notes of the First Schedule to the Central Excise Tariff Act, 1985 as amounting to manufacture
● In relation to the goods specified in the Third Schedule. This involves:
o Packing or repacking of such goods in a unit container
o Labelling or re-labelling of containers including the declaration or alteration of retail sale price on it
o Adoption of any treatment on the goods to render the product marketable to the consumer
Excise Duty means the tax to be paid by the manufacturer, on the goods manufactured in India, either at the time of manufacture or at the time of removal of the goods.
Excise Duty can be levied, only on the fulfillment of the below mentioned conditions.
● The Duty is on Goods
● The Goods must be excisable
● The goods must be manufactured or produced
● Manufacture and Production must be in India.
Unable to determine the Stock Item Type
Unable to determine the Conversion Factor
Mismatch in expected & actual type of stock item
Unable to determine Tax Type and Duty Head for duty ledger
Unable to determine Tariff details for Stock Item
Unable to determine Excise Applicability
Unable to determine the Nature of Purchase
Unable to determine Nature of Removal
Unable to determine Book number in Voucher
No duty ledger or notification number is available in the transaction
Mismatch in tax amount
Unable to determine nature of Adjustment for journal entries
Unable to determine payment period & challan details
Unable to determine tax payment type
Unable to determine the source document details
'Introduction to Excise for Manufacturers' has been shared with
