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TMI Blogsection 3,4,5X X X X Extracts X X X X X X X X Extracts X X X X ..... section 3,4,5 X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 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 payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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. Reply By KASTURI SETHI: The Reply: Section 3 Levy and collection of Central Excise duty. Section 4 Valuation of excisable goods (Transaction Value) Section 4 A Valuation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Reply By YAGAY AND SUN: The Reply: 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, regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns etc for enriching your knowledge in this field.
Regards,
YAGAY and SUN
(Management, Business and Indirect Tax Consultants)
Reply By Ganeshan Kalyani:
The Reply: Visit CBEC website. There is sea of knowledge. X X X X Extracts X X X X X X X X Extracts X X X X
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