GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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import of goods
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export of goods
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production of goods
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sale of goods
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Detailed explanation-1: -An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).
Detailed explanation-2: -Fundamentally, excise duty is a tax levied on domestically produced goods. Generally, it is charged on their production and sale and is also known as CENVAT or Central Value Added Tax. Central Excise duty is an indirect form of taxation and is collected from a customer by a retailer or an intermediary.
Detailed explanation-3: -Excise duty on the production of goods is inversly proportional to the square to the no . Of goods producted . A company produce some goods and pay tax in the form of excise duty .