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Central Excise Duty - Central Excise Act,1944, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com

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FAQs on Central Excise Duty - Central Excise Act,1944, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com

1. What is Central Excise Duty?

Ans. Central Excise Duty is a type of indirect tax levied on the production or manufacture of goods in India. It is governed by the Central Excise Act, 1944. The duty is imposed at the time of removal of goods from the place of manufacture and is paid by the manufacturer or producer.

2. What is the objective of the Central Excise Act, 1944?

Ans. The Central Excise Act, 1944 aims to provide a legal framework for the levy and collection of central excise duty. It establishes the powers and procedures for the assessment, determination, and collection of duty. The Act also sets out the penalties and offenses related to the non-compliance of excise duty obligations.

3. How is Central Excise Duty calculated?

Ans. Central Excise Duty is calculated based on the value of the goods manufactured or produced. The value of the goods is determined as per the provisions of the Central Excise Valuation Rules. The duty rate is applied to this value to calculate the amount payable. The duty rate may vary depending on the nature of the goods.

4. Can Central Excise Duty be claimed as an input tax credit?

Ans. Yes, Central Excise Duty paid on inputs used in the manufacturing process can be claimed as an input tax credit. This credit can be utilized to offset the liability of Central Excise Duty on the final goods. However, certain conditions and restrictions apply, and the manufacturer needs to comply with the prescribed documentation and record-keeping requirements.

5. What are the penalties for non-compliance with Central Excise Duty provisions?

Ans. Non-compliance with the provisions of Central Excise Duty can attract penalties under the Central Excise Act, 1944. The penalties may include fines, confiscation of goods, cancellation of registration, and prosecution. The severity of the penalty may depend on factors such as the nature of the offense, intent, and repeat violations. It is important for manufacturers to ensure compliance with the excise duty obligations to avoid such penalties.

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