What is the rate of excise duty?
At the moment, excise duty is charged at 12.36% but it varies based on the kind of products. GST, on the other hand, has standard rates at 0%, 5%, 12%, 18%, and 28% depending upon the kind of product.
What is the rate of service tax 2016 17?
14.5%
Krishi Kalyan Cess, which was announced during the 2016–17 Budget, has become applicable from 1 June. A tax of 0.5% would be levied over and above the Service Tax and Swachh Bharat Cess. Till 31 May 2016, the Service Tax rate was 14.5%. With Krishi Kalyan cess, the service tax would increase to 15%.
What is central excise tax in India?
Central excise duty is an indirect tax, i.e. each person, rich or poor, is liable to pay tax indirectly on purchase of goods which have already been charged to duty. This tax is administered under the authority of Entry 84 of Union List of the Seventh Schedule read with Article 226 of the Constitution of India.
What was the service tax rate in 2017 18?
The service tax rate was increased from 12.36% to 14% and the new rate subsumed a couple of cesses in the process. Note: Service Tax has been replaced by the Goods and Services Tax (GST) starting 1 July 2017.
Is excise duty still applicable in India?
Excise duty refers to the taxes levied on the manufacture of goods within the country, as opposed to custom duty that is levied on goods coming from outside the country. This means excise duty, technically, does not exist in India except on a few items such as liquor and petroleum.
What was the service tax rate in 2015 16?
What is the Rate of Service Tax for 2015-16 and 2016-17
| Period | Rate of Service Tax |
|---|---|
| Till 31 May 2015 | 12.36% |
| From 1 June 2015 to 14 Nov 2015 | 14% |
| From 15 November 2015 to 31 May 2016 | 14.5% |
| From 1 June 2016 | 15% |
Is Value Added Tax An excise tax?
Value-added tax (VAT) Where the valuation used by the BOC is by volume or quantity, the VAT basis is the landed cost-plus excise taxes, if any. Certain transactions are zero-rated or exempt from VAT. Export sales by VAT-registered persons are zero-rated.
Does India still have excise duty?
This means excise duty, technically, does not exist in India except on a few items such as liquor and petroleum. The information given below pertains to the functioning of Excise Duty in India before the implementation of GST regime.
What is the rate of Central Excise Duty in 2015?
Central Excise duty to be rounded off to 12.5 % (from 12.36 %) Service tax to be increased from 12.36 % to 14 %. Date of levy of new rate shall be notified after enactment of Finance Bill 2015.
What is the rate of service tax in India for 2015?
Service tax to be increased from 12.36 % to 14 %. Date of levy of new rate shall be notified after enactment of Finance Bill 2015. Till the time it is notified the rate shall be 12.36% only .
What are the vehicle excise tax rates?
Model year 1980 or older passenger vehicles, trucks with a declared gross weight of not more than 11,000 pounds and motorcycles are charged a flat rate vehicle excise tax of $12.00. Vehicles registered as military vehicles are charged a flat rate vehicle excise tax of $8.00. Please note: Farm rates are 50% of the listed non-farm rates.
How are special excise taxes decided in India?
The decisions regarding the special excise taxes are taken on a yearly basis by the Finance Act. Since the tax deals exclusively with manufacturing of products, sale of the same is not regarded as a mandatory requirement. In case of excise taxes, the duty is paid in case of removal of goods.