GK

What is Excise Duty? Is it collected by the State Government or the Central Government? How is it different from Sales Tax?Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called “State Excise” duty. The Excise duty on rest of goods is called “Central Excise” duty and is collected in terms of Section 3 of the Central Excise Act, 1944.Sales Tax is different from the Excise duty as former is a tax on the act of sale while the latter is …

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What is Excise Duty? Is it collected by the State Government or the Central Government? How is it different from Sales Tax?Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called “State Excise” duty. The Excise duty on rest of goods is called “Central Excise” duty and is collected in terms of Section 3 of the Central Excise Act, 1944.Sales Tax is different from the Excise duty as former is a tax on the act of sale while the latter is …

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The full form of GAAR is : General Anti-Avoidance RulesWhat is GAAR in simple terms ?Tax Avoidance is an area of concern across the world. The rules are framed in different countries to minimize such avoidance of tax. Such rules in simple terms are known as ” General Anti Avoidance Rules ” or GAAR. Thus GAAR is a set of general rules enacted so as to check the tax avoidance.Why News for GAAR has been prominent in India in recent times ?News for GAAR has been in prominence in last few years as Indian Government has taken initiative to introduce …

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