INTERVIEW QUESTIONS TAX EXCISE DUTY TAX / CENVAT DETAILS

Question: What are goods for the purpose of Excise Tax?

Answer: Goods mean an article or substance which is produced in India and it is a moveable and marketable. These conditions are requiring for levying the excise duty. The term marketable does not necessarily means marketed. In such transaction, actual marketing is not necessary. Mere mention in central excise tariff is not sufficient. That means even if goods are mentioned in the Central Excise Tariff Act, 1985, but these goods are not being capable of marketable, then excise duty is not levying on it.

Goods mean an article or substance which is produced in India and it is a moveable and marketable. These conditions are requiring for levying the excise duty. The term marketable does not necessarily means marketed. In such transaction, actual marketing is not necessary. Mere mention in central excise tariff is not sufficient. That means even if goods are mentioned in the Central Excise Tariff Act, 1985, but these goods are not being capable of marketable, then excise duty is not levying on it. Source: CoolInterview.com

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