What is Union Excise Duty
Definition: Union excise duty is a type of indirect tax on goods manufactured in India.
Description: Union excise duties are levied in accordance with the rates mentioned in Schedule I and II of the Central Excise Tariff Act, 1985. The taxable event here is the ¡®Manufacture¡¯.
The burden of taxation is, however, passed on to the consumers by the manufacturer. When the rate of valuation is on ad valorem basis, the following methods are employed for the valuation of the excisable goods:
1. Transaction value 2. Value determined on the basis of Maximum Retail Sale Price as per Section 4A of the Central Excise Act 1944. 3. Tariff value under Section 3, if applicable.
Also See: Customs Duty
Description: Union excise duties are levied in accordance with the rates mentioned in Schedule I and II of the Central Excise Tariff Act, 1985. The taxable event here is the ¡®Manufacture¡¯.
The burden of taxation is, however, passed on to the consumers by the manufacturer. When the rate of valuation is on ad valorem basis, the following methods are employed for the valuation of the excisable goods:
1. Transaction value 2. Value determined on the basis of Maximum Retail Sale Price as per Section 4A of the Central Excise Act 1944. 3. Tariff value under Section 3, if applicable.
Also See: Customs Duty
