In India, excise or excise duty or central excise duty is known as indirect tax imposed and imposed on goods produced in India. The manufacturer or retailer who charges the tax to the government is required to seek to reclaim the tax by increasing the amount charged by the consumer. The supplier or distributor will then request a refund of the excise tax. As per the new rules and regulations, the supplier may file an electronic return of the excise duty. This is called e-filing of excise return.
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Central excise returns provides details of production, excise duty applicable and paid to Government. It also captures details of credit offset claimed and other related details. This ensures accurate assessment of tax collections. Zero reports are required to be submitted in compliance with the relevant calendar, even though there is no sale.
Central Excise Duty: Central Excise Duty is due on a monthly basis on the 5th of the next month. Duty can be charged by the current account (Personal Ledger Account) or CENVAT Loan. Large scale exempted units are expected to pay duty on the 15th of the month after the conclusion of the month. Duty is required to online or via theTR-6 Challan by bank networks. The specified Challan formTR-6 should be filled out with information such as the company's name and 15 digit ECC number, excise commissioner's code number/ ate / division / range, etc.
Filing of Central Excise Return: The Central Excise Return should be submitted prior to the date 10th of the following month. In case of dealer, the excise return shall be filed on quarterly basis. Following are the forms and description of returns
Level of Central Excise Returns : SSI units should file the returns quarterly within 20 days of end of quarter and others should file it monthly within 10 days of end of month.
200+
550+
2009
700+
What is Excise Duty?
Excise duty is a tax which is charged on Manufacturer / Production of goods as well as from Importers of some specified Goods. Excise Duty is generally recognized as:-
The Central Excise Law & Procedures essentially embody Central Excise Act, 1944, Central Excise Rules, 2002, Cenvat Credit Rules 2004, Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000, Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001, Central Excise (Determination of Retail Sale Price of Excisable Goods) Rules, 2008, Central Excise (Compounding of Offenses) Rules, 2005, Central Excise (Appeals) Rules, 2001, CESTAT (Procedure) Rules, 1982 and Notifications issued under Central Excise Act, 1944 and the Rules made thereunder.
Who need to apply for Excise?
Every Business which is planning to start a manufacturing unit or planning to import any item from abroad ,need to consult about the excise duty implication on that particulars product. It is always advisable to be certain about the tax implication and its compliance.
For Example the If you want to set a manufacturing plant confirm the duty liability under Central as well as State Excise well in advance before starting the activity.
Factor Excise tax before you start a manufacturing unit.
As mentioned above it is utmost important to factor the excise tax impact due to:-
Exemption for Small Scale Industry
Considering the importance and for its promotion small scale industries are exempted from paying of excise duty.Any Manufacturing unit which has a turnover of less than 1.5 Cr is exempt from payment of Excise duty.
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When Excise is chargeable?
Excise is an event based taxes, and taxes is charged once goods are exit from gate of manufacturing plant. The invoice is made on gate pass basis
What are the due date of compliance under Central Excise Act ?
Every Person who is registered with Excise has to file Periodic Return on timely basis. There are various types of return as mentioned below to be filed by Assessee.
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What is the rate of Central Excise duty?
Rate of Excise duty is depend on Product to product which is decided as per Central Excise Tariff which is notified and updated each year in Finance Act, the same can be found in.
Every Person who is registered with Excise has to file Periodic Return on timely basis. There are various types of return as mentioned below to be filed by Assessee.
What is the compliance under Excise?
All the compliance under the Excise law are mention below.
General Records Required to be maintain Under Central Excise
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