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An excise, or excise tax, is any duty on manufactured goods that is levied at the moment of manufacture rather than at sale. Excises are typically imposed in addition to an indirect tax such as a sales tax or value-added tax (VAT).
excise duty. A percentage levied on manufacture, sale, or use of locally produced goods (such as alcoholic drinks or tobacco products). A percentage tax levied on a company's revenue, instead of (like income tax) on the company's income.
There are three main types of excise duty. Special excise duty (USED) is charged on all excitable goods on which there is a levy of basic excise duty (BED) and is levied at the rates specified in the second schedule of Central Excise Tariff Act, 1985.
Central Excise duty is an indirect tax levied on those goods which are manufactured in India and are meant for home consumption. The taxable event is 'manufacture' and the liability of central excise duty arises as soon as the goods are manufactured.
No, excise duty is levied by the central government except on some items such as narcotics and alcohol. 3- Has GST subsumed excise duty? Yes, excise duty has been subsumed by the Goods and Service Tax (GST) along with other indirect taxes. However, excise duty is still levied on certain items like petroleum and liquor.
An excise tax is a special tax levied on specific products sold within a country. To excise something can also mean to get rid of it. Interestingly, the word excise (size) used as a verb means to remove something by cutting it out. Good luck with excising the excise taxes!
Synonyms: excise Types: nuisance tax, sales tax. A tax based on the cost of the item purchased and collected directly from the buyer. VAT, ad valor em tax, value-added tax. A tax levied on the difference between a commodity's price before taxes and its cost of production. Gasoline tax.
Medical Definition of Excise: To cut out entirely. For example, a scalpel or laser beam may be used to excise a tumor. The terms excise and resect are not synonymous. Excise implies total removal, whereas resect does not.

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