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what is excise duty, how much rate calculation on
manufacturing goods?
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Answer / diwas rai
From Feb' 2009 the rate of Excise Duty has been change from 8
% + 2 % + 1 % to :
Basic Excise Duty : 10 %
Edu. Cess (on Basic Excise) : 2 %
H.Sec. Cess (On Basic Exise) : 1 %
That means total 10.3%.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / vinay kumar
excise duty is duty on manufactured levied it following
condition must be satisfied
1.duty on goods
2.goods must be maunfactured in india
3.goods must be excisable
Rate of manufacturing goods
Bed 8%
Cess2%
Hs cess 1%
8.24 %
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / ankush kumar
Finally new rate of excise duty is from 25 feb 2009 is
Basic excise duty is 8 %
cess.............. 2 %
H.E. cess........... 1 %
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / amit shah
Excise duty is an indirect tax which is levied on excisable
goods manufactured or produced in india (as per the
definition of manufacture / produce by the relavant statute)
by the central govt. and being administered by the CBEC
(central board of excise & customs).
the rates of excise duty are different for diff. goods as
mentioned in tariffs on cbec web site.
at present (for fin. year 2010-11, on majority of items ,
it is levied @10% (also 3% on this excise duty i.e.10% ,
edu. cess is levied, so effective rate is 10.3% on most of
the items)
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / ravi kakde
excise duty like a value added tax it is charged central
goverment when good maufacrture in india and cleared our
factory the correct rate of central excise duty
basic 8% Edu 2% & 1 %(H.cess)from 25th feb 2009
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / ravinder kumar jangid
Who Company are Manufacturing in India and have turnover 1
crore will be liable for registration in exise deptt and
current rate of exise duty Rs.8% and Ed Cess 2% and High Ed
Cess 1% total amount become Rs.8.24%
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / ranjanrai1988@yahoo.co.in
YES EXCISE DUTEY RATE IS CURRECT 8.24%
REGARD
RANJAN RAI
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / anubhav verma
Excise Duty (ED) is the amount calculated by the Central
Excise Department (CED) on the goods actually produced by
the manufacturing units / plants having set up location
within India. the excise duty is a kind of a tax which is
generally being changes on the total value of the goods
produced either for export or to satisfy the domestic wants
or intra supply of the commercial transactions and for
exports as well. The excise duty is calculated by
evaluating or taking into consideration the followings -
Basic duty (burden)8% + EDU. Cess 2% + H. Cess 1% +
additional implication if required to be levied.
It is a kind of a indirect tax which is gonna paid by the
manufacturer of the company or as a company as whole.
| Is This Answer Correct ? | 5 Yes | 2 No |
EXCISE DUTY IS A DUTY LEVIED ON GOODS MANUFACTURED AND
PRODUCED IN INDIA AND AVAILABLE FOR HOME CONSUMPTION. IT IS
A DUTY LEVIED AT THE TIME OF PRODUCED.BUT FOR CONVENICNCE
IT IS CHARGED AT THE TIME OF REMOVAL. UNDER THE CENTRAL
EXCISE TARIFF ACT 1944 THE FOLLOWING GOODS ARE DECLARED TO
BE EXCISEABLE.
1) THE GOODS SHOUID BE MANUFACTURED AND PRODUCED IN INDIA
2) THE GOODS MUST BE SOLD IN INDIA
3) THE REMOVAL OF GOODS MUST BE FOR PURPOSE OF SALE
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / neetu
calculate manufacturer goods 10+2+1=13 % (10%excise duty+2%
edd+1%seccess
| Is This Answer Correct ? | 4 Yes | 1 No |
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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Audit 
