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Which of the following statements about excise duty is correct?
- a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.
- b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.
- c)Excise duty is a tax levied on income earned by individuals and businesses.
- d)Excise duty is a tax imposed only on imported goods at the time they enter the country.
Correct answer is option 'B'. Can you explain this answer?
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Which of the following statements about excise duty is correct?a)Excis...
Excise duty is an indirect tax collected by retailers or intermediaries from customers at the point of sale. It is paid when goods move from manufacturing units to warehouses. Governed by two key acts, the Central Excise Act of 1944 handles levy and collection, while the Central Excise Tariff Act of 1985 classifies goods and sets duty rates. With the implementation of Goods and Services Tax (GST), many excise duties were subsumed, leaving only petroleum and liquor subject to excise duty. Central GST replaces excise duty in most cases, while state governments collect excise duty on alcohol, alcoholic preparations, and narcotic substances, referred to as “State Excise” duty.
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Which of the following statements about excise duty is correct?a)Excis...
Explanation:
Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer. This tax is levied on certain goods such as alcohol, tobacco, fuel, and vehicles that are manufactured within the country.
Key Points:
- Excise duty is collected by the government as a form of indirect tax.
- It is usually included in the price of the goods and passed on to the consumer.
- The purpose of excise duty is to generate revenue for the government and to control the consumption of certain goods.
- Manufacturers are responsible for paying excise duty to the government based on the quantity or value of goods produced.
- Failure to pay excise duty can result in penalties or legal action by the government.
In conclusion, excise duty is a tax imposed on goods during the manufacturing process and is usually paid by the manufacturer before the goods are sold to consumers.
Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer. This tax is levied on certain goods such as alcohol, tobacco, fuel, and vehicles that are manufactured within the country.
Key Points:
- Excise duty is collected by the government as a form of indirect tax.
- It is usually included in the price of the goods and passed on to the consumer.
- The purpose of excise duty is to generate revenue for the government and to control the consumption of certain goods.
- Manufacturers are responsible for paying excise duty to the government based on the quantity or value of goods produced.
- Failure to pay excise duty can result in penalties or legal action by the government.
In conclusion, excise duty is a tax imposed on goods during the manufacturing process and is usually paid by the manufacturer before the goods are sold to consumers.
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Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer?
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Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer?.
Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer?.
Solutions for Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Which of the following statements about excise duty is correct?a)Excise duty is a tax levied on the sale of goods at the point of purchase by consumers.b)Excise duty is a tax imposed on goods during the production or manufacturing process, typically paid by the manufacturer.c)Excise duty is a tax levied on income earned by individuals and businesses.d)Excise duty is a tax imposed only on imported goods at the time they enter the country.Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice UPSC tests.
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