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HS code 1006.30, for example, indicates Chapter 10 (Cereals), heading 10.06 (Rice), and subheading 1006.30 (Semi-milled or wholly milled rice, whether or not polished or glazed). In addition to the HS codes and commodity descriptions, each Section and Chapter of the HS is prefaced by Legal Notes, which are designed to clarify the proper ...
The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes , including customs duties, excise duties, and the Goods and Services Tax (GST).
Apart from the Central Secretariat, the more important of these latter were the Railway Services, the Indian Posts and Telegraph Service, and the Imperial Customs Service. [5] After Independence , the Imperial Customs Service was reconstituted as the Indian Revenue Service (Customs and Central Excise) in 1953.
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The goods thus manufactured must be excisable (means the goods must be specified in central excise tariff act, 1985) The excise tax in India is imposed typically on production and manufacturing rather than on sale of goods and services. This means that the taxes are paid by the manufacturer, but it is the consumer who ultimately bears the ...
The single GST [27] subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. [ 28 ] [ 29 ] Other levies which were applicable on inter-state transportation of goods have also been done away with in GST regime.
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
Logo of Customs and Central Excise. In 2015–2016, the gross tax collection of the centre from excise amounted to ₹ 2.80 trillion (US$32 billion). [17] Central Excise Act, 1944, which imposes a duty of excise on goods manufactured or produced in India;