PROJECT REPORT
ON
“ STUDY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD.”
AT
[pic]
-: Submitted By:-
AVINASH CHANRDAKANT IGHE
-: The Research Guide:-
PRO:-D.D. WALKE
-: Affiliated To :-
University of Pune
N.D.M.V.P.Samaj’s Nashik
[pic]
Institute of Management Research and Technology (IMRT)
For The Academic Year
2008 -2009
PREFACE
Indirect tax is the one of the most enormous source of fund collection of the Indian government which aids to development expenses and other aspects. Central excise is one aspects of fund/revenue collection.
Features of indirect taxes.
Government of India needs funds for various purposes like maintenance of law and order, defence, social /health services etc. Government obtains funds from various sources out of which one main source is taxation, Justice Holmes of US Supreme Court has long ago rightly said that tax is the price which we pay for a civilized society.-view echoed in Parshuram Pottery works ltd vs. ITO (1977) 106ITR 1(sc).Taxes are conventionally broadly classified as Direct taxes and indirect taxes. As the name suggest, direct taxes are paid directly and indirect taxes paid indirectly. In the case of indirect taxes, they are paid by one person, but he recovers the same from another person. Thus, the person who actually bears the tax burden pays it indirectly through some other person, Who practically, merely acts as colleting agent of course, he is liable if fails to collect and pay the taxes. Central excise is totally whit the manufacturing company, which company Produce or manufacture excisable goods as per Central Excise Act 1944. Excisable goods indicate which goods failing under Central Excise Act 1944, And it is also must be movable and marketable and must be produce or manufacture in India.
Indirect tax structure on goods.
• Excise duty 14%,
• Education cess 2%,
• Secondary and higher secondary education cess 1%,
• Vat 12.50%.