Tax Plaza
The Tax system explained!
Excise tax
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).
Typical examples of excise duties are taxes on tobacco, alcohol
and gasoline.
Excise tax in the United States
Main article: Excise tax in the United States
An excise is "a tax upon manufacture, sale or for a business
license or charter," according to Law.com's Legal Dictionary,
and is to be distinguished from a tax on real property, income
or estates."
In the United States, the term excise means: (A) any tax other
than a property tax or capitation (i.e., an indirect tax, or
excise, in the constitutional law sense), or (B) a tax that is
simply called an excise in the language of the statute imposing
that tax (an excise in the statutory law sense, sometimes called
a miscellaneous excise). An excise under definition (A) is not
necessarily the same as an excise under definition (B).
Example: The Whiskey Tax that resulted in the Whiskey Rebellion
which started in 1792.
Her Majesty's Customs and Excise
Main article: Her Majesty's Customs and Excise
Her Majesty's Customs and Excise (HMCE) was, until April 2005, a
department of the British Government in the UK. It was
responsible for the collection of Value added tax (VAT), Customs
Duties, Excise Duties, and other indirect taxes such as Air
Passenger Duty, Climate Change Levy, Insurance Premium Tax,
Landfill Tax and Aggregates Levy. It was also responsible for
managing the import and export of goods and services into the
UK. HMCE was merged with the Inland Revenue (which was
responsible for the administration and collection of direct
taxes) to form a new department, HM Revenue and Customs, with
effect from 18 April 2003.
Excise in India
In India, an excise tax is levied on the manufacturer of goods
when those goods leave the place of manufacture. Formerly called
the Central Excise Duty, this tax is now known as the Central
Value Added Tax (CENVAT). Manufacturers may offset duty paid on
materials used in the manufacturing process by using that duty
as a credit against excise tax through a process known as
Central Value Added Tax Credit (CENVAT Credit). The offsetting
process was formerly known as Modified Value Added Tax (MODVAT).
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Tax tips for February
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