B Com Exam > B Com Videos > Indirect Tax Laws > Job Work - Central Excise Act,1944, Indirect Tax Laws
Job Work - Central Excise Act,1944, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Job Work - Central Excise Act,1944, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is the Central Excise Act, 1944? |  |
Ans. The Central Excise Act, 1944 is a statute enacted by the Government of India to levy and collect excise duty on goods manufactured or produced in the country. It provides the legal framework for the administration and regulation of excise duties, which are indirect taxes levied on the manufacturing or production of goods.
| 2. What are the key provisions of the Central Excise Act, 1944? | |
Ans. The key provisions of the Central Excise Act, 1944 include the classification and valuation of goods for the purpose of levying excise duty, registration and licensing of manufacturers, provisions for payment and collection of excise duty, rules for the maintenance of records and submission of returns, provisions for inspection, search, and seizure, and provisions for adjudication and appeal.
| 3. What is the objective of the Central Excise Act, 1944? | |
Ans. The objective of the Central Excise Act, 1944 is to regulate the levy and collection of excise duty on goods manufactured or produced in India. It aims to ensure the equitable and efficient imposition of indirect taxes, prevent tax evasion, and provide a legal framework for the administration and enforcement of excise laws.
| 4. What is the role of the Central Board of Indirect Taxes and Customs (CBIC) in the Central Excise Act, 1944? | |
Ans. The Central Board of Indirect Taxes and Customs (CBIC) is the apex body responsible for the administration of indirect taxes in India. Under the Central Excise Act, 1944, CBIC plays a crucial role in formulating policies and procedures related to excise duty, issuing notifications and circulars for its implementation, and providing guidance and support to excise officers for effective enforcement of the law.
| 5. What are the penalties and consequences for non-compliance with the Central Excise Act, 1944? | |
Ans. Non-compliance with the provisions of the Central Excise Act, 1944 can lead to various penalties and consequences. These may include the imposition of additional excise duty, interest on delayed payments, fines, confiscation of goods, cancellation of registration or license, prosecution, and imprisonment. It is essential for manufacturers and producers to comply with the act's requirements to avoid legal implications and financial liabilities.
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Dec 23, 2024 Last updated |
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