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What is an excise number?
An Excise Number is the identification number issued by the competent authority in respect of the person or premises. That means that an Excise Number identifies a Registered Trader, an Authorized Ware housekeeper or a Tax Warehouse within the excise community.
What do you mean by excise?
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).
What is mean by excise duty?
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.
What is another word for excise tax?
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.
What is excise duty how it is calculated?
Automobile excise tax is calculated as a percentage or a millage rate on the cost of a new or used vehicle. To calculate the excise tax amount, multiply the vehicle's purchase price by the excise tax percentage or millage rate. For example, a new car buyer in Maine pays a millage rate of. 0240.
What is meant by excise tax?
Excise tax refers to an indirect type of taxation imposed on the manufacture, sale or use of certain types of goods and products. Excise taxes usually fall into one of two types: Ad Valor em. Meaning that a fixed percentage is charged on a particular good or product.
Which is an example of an excise tax?
Excise taxes are most often levied upon cigarettes, alcohol, gasoline and gambling. These are often considered superfluous or unnecessary goods and services. To raise taxes on them is to raise their price and to reduce the amount they are used. In this context, excise taxes are sometimes known as “sin taxes.”
What is the meaning of excise tax?
Excise tax refers to an indirect type of taxation imposed on the manufacture, sale or use of certain types of goods and products. Excise taxes usually fall into one of two types: Ad Valor em. Meaning that a fixed percentage is charged on a particular good or product.
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