
The Central Excise duty is levied in terms of the Central Excise Act, 1944 and the rates of duty, ad valorem (on value) or specific, are prescribed under the Schedule I and II of the Central Excise Tariff Act, 1985. The taxable event under the Central Excise law is ‘manufacture / production’ and the liability of Central Excise duty arises as soon as the goods are manufactured or produced. As per the Central Excise Act, duty is leviable only on excisable...