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:-
- Central Excise: - This is the duty which is collected by central Govt.
- State Excise:- This is collected by Specific state in which the business is located
- Additional Duties on Import:- This is the duty which is collected on import of those items on which Excise is collected if that product was manufactured in India instead of importing it. This duty is in kind of compensatory duty which is collected to compensate the revenue loss caused by import of those goods.
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.