Why is excise invoice issued?
1.1 An invoice is the document under cover of which the excisable goods are to be cleared by the manufacturer. This is also the document which indicates the assessment of the goods to duty. No excisable goods can be cleared except under an invoice.
What is excise invoice?
The excise invoice lists the goods that you have issued and states how much excise duty applies. Your customer uses the excise invoice to claim back the excise that it has paid from the excise authorities.
How is central excise Tariff arranged?
The present Central Excise Tariff Act, 1985 (5 of 1986) was enacted with effect from 28.02. 1986 replacing the earlier one. In the new tariff the arrangement of the various Chapters and Headings is on the pattern of the International Harmonised System of Nomenclature (H.S.N.).
What is central excise rules?
Under the Central Excise Act, 1944, all excisable goods that are manufactured or produced in India shall carry a central excise duty known as CENVAT. This tax is also known as Central Value Added Tax (CENVAT) and is levied on the manufacture or retail of goods or products.
Who is liable to pay excise duty under Central Excise rules?
Ans: The term “Excisable Goods” means the goods which are specified in the first Schedule and the second schedule to the Central Excise Tariff Act, 1985 as being subject to Excise Duty. 6. Who is liable to pay Excise Duty? Ans: The manufacturer or the producer of goods is liable to pay Excise Duty.
What is Central Excise clearance?
As soon as goods are ready for despatch to the port of shipment, exporter has to apply to the central excise authority for excise clearance of the cargo. The exporter has, now an option to remove the goods with inspection by the central excise or remove the goods without inspection.
What is Cenvatable invoice?
Cenvatable means that you can take credit of the excise duty paid, when you are running the excise utilization. For eg, you have paid CVD, in case of imports, then, the entry passed for Excise invoice posting would be. BED DR.
What is excise invoice in tally?
Excise sales can be recorded in sales invoice without linking the sales Voucher Type to tax unit or excise godown. If multiple tax units are created by linking it to godowns, the same can be selected while recording the invoice.
Who can order valuation audit under 14A?
the excise officer
Valuation Audit [section 14A] · Valuation audit can be ordered at any stage of enquiry, investigation or any other proceedings by the excise officer, if he is of the opinion that the value has not been correctly declared or determined by the manufacturer.
What are the Central Excise rules related to export goods?
Excisable goods exported may be allowed to be returned to the factory. Rule 98. Goods not affixed with Central Excise Stamps and unlabelled goods removed for export may be returned to the factory. Rule 99.
Are small scale industries liable to pay excise duty?
Small Scale Industry Exemption under Central Excise is not applicable to the manufacturers of the following products: Goods manufactured by an SSI under the Brand Name of others are not eligible for SSI Concession. Tea/Coffee. Stainless Steel & Aluminum Circles.
What is Rule 11 of the Central Excise Rules 2002?
Removals only on Invoice 3.1 Sub-rule (1) of the Rule 11 of the Central Excise Rules, 2002 provides that no excisable goods shall be removed from a factory or a warehouse except under an invoice signed by the owner of the factory or his authorised agent.
How to inform the superintendent of Central Excise before making use of invoice?
3.24 Before making use of the invoice book, the serial numbers of the same shall be intimated to the Superintendent of Central Excise having jurisdiction over the factory of the assessee. This can be done in writing by post/e-mail/fax/hand delivery or any other similar means. (Ref: Sub-rule (6) of rule 11 of the said Rule)
What are the contents of an excise invoice?
(2) The invoice shall be serially numbered and shall contain the registration number, address of the concerned Central Excise Division, name of the consignee, description, classification, time and date of removal, mode of transport and vehicle registration number, rate of duty, quantity and value, of goods and the duty payable thereon.
How long does it take to issue an invoice under Rule 11?
It also provided a period of five working days for issuance of invoice in terms of rule 11. It allows certain manufacture to removed goods on Performa invoice and allowed issuance of invoice as per rule 11 within five working days.