section 3,4,5, Central Excise

[rohit varshney]

give me some idea about central excise section 3,4 ,5

Posts / Replies

[Ganeshan Kalyani]

It is regarding collection and levy of duty.

[rohit varshney]

thanks

[Rajagopalan Ranganathan]

Sir,

Section 3 of Central Excise Act, 1944 prescribes that payment of cenvat duty on excisable goods manufactured in India as per the rate specified in the first schedule of Central Excise Tariff Act, 1985.

Section 4 lays down principles of valuation of excisable goods which are leviable at ad valorem duty. That is transaction value. It also lays down how to determine value of excisable goods for payment of duty if transaction is among related persons, associated companies, inter-connected companies etc.

Section 5 stipulates how remission of excise duty is to be given if the excisable goods are lost due various reasons.

[KASTURI SETHI]

Section 3 Levy and collection of Central Excise duty.

Section 4 Valuation of excisable goods (Transaction Value)

Section 4 A Valuation of excisable goods with reference to Retail Sale Price.

Section 5 Remission of duty on goods found deficient in quantity

Section 5 A Power to grant exemption from duty.

[YAGAY AND SUN]

Dear Rohit,

Now you have some idea on Section 3, 4, and 5 therefore, you may also dig deeper to understand the same by exploring related judgments, verdicts, discussions, laws, Rules, regulations etc for enriching your knowledge in this field.

Regards,

YAGAY and SUN

(Management, Business and Indirect Tax Consultants)

[Ganeshan Kalyani]

Visit CBEC website. There is sea of knowledge.