levy and collection of excise duty pdf

Levy and collection of excise duty pdf

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The Three Basic Tax Types

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Most taxes can be divided into three buckets: taxes on what you earn , taxes on what you buy , and taxes on what you own. One of the main differences among the tax types outlined below is the point of collection—in other words, when you pay the tax. With that in mind, below is a brief overview of the main types of taxes you should know to be an educated taxpayer. An individual income tax or personal income tax is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U. The income ranges for which these rates apply are called tax brackets. All income that falls within each bracket is taxed at the corresponding rate.

The Three Basic Tax Types

Title of the Code. Powers and Duties of the Bureau of Internal Revenue. The Bureau shall give effect to and administer the supervisory and police powers conferred to it by this Code or other laws. Chief Officials of the Bureau of Internal Revenue. The power to decide disputed assessments, refunds of internal revenue taxes, fees or other charges, penalties imposed in relation thereto, or other matters arising under this Code or other laws or portions thereof administered by the Bureau of Internal Revenue is vested in the Commissioner, subject to the exclusive appellate jurisdiction of the Court of Tax Appeals. A To examine any book, paper, record, or other data which may be relevant or material to such inquiry;.

Levy and Collection of Duty, Duties specified in the First Schedule, Valuation of Excisable Goods for purposes of charging of duty of excise. 3. Duties specified in​.

Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, Description: In this case, the service provider pays the tax and recovers it from the customer. Service Tax was earlier levied on a specified list of services, but in th.

Indian Customs

The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28 th February , wherein the then Finance Minister laid down 1 st April, as the date for the introduction of GST in the country. Thereafter, there has been a constant endeavor for the introduction of the GST in the country whose culmination has been the introduction of the Constitution nd Amendment Bill in December, To answer that question, it is important to understand the present indirect tax structure in our country. It is clearly visible that there are multiplicities of taxes which are being levied on the same supply chain. There is cascading of taxes, as taxes levied by the Central Government are not available as setoff against the taxes being levied by the State governments.

An Act to consolidate and amend the law relating to Central Duties of Excise. Provided that the duty of excise which shall be levied and collected on any excisable goods which are produced or manufactured by a hundred per cent. Explanation 1. Explanation 2. Provided that in fixing different tariff values in respect of excisable goods falling under sub-clause i or sub-clause ii , regard shall be had to the sale prices charged by the different classes of producers or manufacturers or, as the case may be, the normal practice of the wholesale trade in such goods. Power of Central Government to charge excise duty on the basis of capacity of production in respect of notified goods.

Duties specified in the First Schedule 3A. Valuation of Excisable goods for purposes of charging of duty of excise 4A. Valuation of excisable goods with reference to retail sale price. Remission of duty on goods found deficient in quantity. Power to grant exemption from duty of excise. Registration of certain persons. Omitted 8.


  • Egisto A. 19.04.2021 at 21:01

    Duties specified in First Schedule and the Second Schedule to the Central Excise Tariff Act, to be levied. -. (1) There shall be levied and collected in such.

  • Laina O. 23.04.2021 at 10:45

    A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer an individual or legal entity by a governmental organization in order to fund government spending and various public expenditures.


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