What is excise duty in india

Certain offences to be non-cognizable. Offences by companies. Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. Power of Court to publish name, place of business, etc.

Presumption of culpable mental state. Relevancy of statements under certain circumstances. Power of Courts to order forfeiture. Recovery of sums due to Government. Recovery of duties not levied or not paid or short-levied or short-paid or erroneously refunded. Interest on delayed payment of duty. Penalty for short-levy or non-levy of duty in certain cases.

Provided that where such duty and interest payable under section 11AA is paid either before the issue of show cause notice or within thirty days of issue of show cause notice, no penalty shall be payable by the person liable to pay duty or the person who has paid the duty and all proceedings in respect of said duty and interest shall be deemed to be concluded;. Provided that in respect of the cases where the details relating to such transactions are recorded in the specified record for the period beginning with the 8th April, up to the date on which the Finance Bill, receives the assent of the President both days inclusive , the penalty shall be fifty per cent.

Claim for refund of [duty and interest, if any, paid on such duty]. Provided that where an application for refund has been made before the commencement of the Central Excises and Customs Laws Amendment Act, , such application shall be deemed to have been made under this sub-section as amended by the said Act and the same shall be dealt with in accordance with the provisions of sub-section 2 substituted by that Act :].

Provided that the amount of [duty of excise and interest, if any, paid on such duty] as determined by the [Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise] under the foregoing provisions of this sub-section shall, instead of being credited to the Fund, be paid to the applicant, if such amount is relatable to -. Provided further that no notification under clause f of the first proviso shall be issued unless in the opinion of the Central Government the incidence of [duty and interest, if any, paid on such duty] has not been passed on by the persons concerned to any other person.

Interest on delayed refunds. Provided that where any duty ordered to be refunded under sub-section 2 of section 11B in respect of an application under sub-section 1 of that section made before the date on which the Finance Bill, receives the assent of the President, is not refunded within three months from such date, there shall be paid to the applicant interest under this section from the date immediately after three months from such date, till the date of refund of such duty.

Power not to recover duty of excise not levied or short-levied as a result of general practice. Provided that the person claiming the refund of such duty or, as the case may be, excess duty, makes an application in this behalf to the [Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise], in the form referred to in sub-section 1 of section 11B, before the expiry of six months from the date of issue of the said notification.

Duties of excise collected from the buyer to be deposited with the Central Government. Interest on the amounts collected in excess of the duty. Provided that in such cases where the amount becomes payable consequent to issue of an order, instruction or direction by the Board under section 37B, and such amount payable is voluntarily paid in full, without reserving any right to appeal against such payment at any subsequent stage, within forty-five days from the date of issue of such order, instruction or direction, as the case may be, no interest shall be payable and in other cases the interest shall be payable on the whole amount, including the amount already paid.

Provisional attachment to protect revenue in certain cases. Provided that the [Principal Chief Commissioner of Central Excise or Chief Commissioner of Central Excise] may, for reasons to be recorded in writing, extend the aforesaid period by such further period or periods as he thinks fit, so, however, that the total period of extension shall not in any case exceed two years :.

Provided further that where an application for settlement of case under section 32E is made to the Settlement Commission, the period commencing from the date on which such application is made and ending with the date on which an order under sub-section 1 of section 32F is made shall be excluded from the period specified in the preceding proviso.

Liability under Act to be first charge. Application of the provisions of [Act No. The tax relief comes on the eve of the Hindu festival of Diwali, which marks the beginning of a busy festive season in India, typically marked by increased consumer spending.

Recent months have witnessed a steady growth in consumer spending in India, with a relaxation on curbs on travel and business operations due to a dip in the number of coronavirus cases.

But high fuel prices have been hurting the margins of corporates as well as farmers, who contribute a significant chunk to the economy. The cut in fuel taxes is likely to come as a boost to manufacturers and farmers.

Amid record-high fuel prices, this is the first cut in central excise duties in over three years. The cut in duties brings the total excise duty on petrol down to Rs The price of petrol in the national capital was Rs per litre on Wednesday while the price of diesel stood at Rs With the cut in excise duty, petrol will cost Rs per litre while diesel will cost Rs A steady rise in crude oil prices and the elevated taxes — both central excise duty as well as state taxes — that have been in effect since May have played a key role in pushing the price of auto fuels over the pre-Covid retail price levels.

Between February and May last year, the government increased excise duties on petrol and diesel by Rs 13 per litre and Rs 16 per litre respectively amid a sharp decline in revenues due to the Covid pandemic and related restrictions. While the price of petrol rose by A senior finance ministry official had in September outlined a cut in excise duty on fuel as an unlikely measure.