excise duty


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Related to excise duty: Custom duty

Excise Tax

A tax on the manufacture or sale of a good or service over and above all other taxes paid on it. For example, a person may owe sales tax on the purchase of tobacco, but the state may also levy an excise tax on top of it. Likewise, one may owe both income taxes and excise taxes on a premature distribution of an IRA. See also: Sin tax.

excise duty

an INDIRECT TAX imposed by the government on a product, principally those such as tobacco, petrol and alcoholic drinks, the demand for which is highly price-inelastic (see ELASTICITY OF DEMAND). Governments use excise duties both as a means of raising revenue (see BUDGET) and as an instrument of FISCAL POLICY. See CUSTOMS AND EXCISE.

excise duty

an INDIRECT TAX levied by the government on certain goods, most notably tobacco, oil and alcoholic drink. Demand for these goods is price inelastic (see PRICE ELASTICITY OF DEMAND) so that duty increases, implemented as part of FISCAL POLICY, will not only raise government revenue but also leave customers with less money to spend on other goods. See TAXATION.
References in periodicals archive ?
Withdrawal of facility of deduction of chilling charges from retail price of beverages for the purpose of excise duty.
Readymade garment: Zero excise duty policy on branded readymade garments has been restored and cotton fibre has been exempted from excise duty.
Presently, rate of federal excise duty on natural gas is Rs 5.
In April 1998, the selling price of cigarettes rose sharply by more than 100% after the imposition of the new excise duty regulation.
Uniformity of Charging CED: Excise Duty on normal parties is 10 per cent whereas it is 20 per cent the wedding parties if held in large hotels.
2) Presently, certain specified ships/vessels are exempt from basic customs duty and Central Excise duty (CVD).
PETROLEUM minister Dharmendra Pradhan defended the hike in excise duty on petrol and diesel on Wednesday saying that the decision was taken to save money for developmental works after substantial benefits of reducing global crude prices were passed on to consumers by effecting price cuts.
This is because the Indian government is not expected to extend the current excise duty concession beyond December 31, 2014.
Excise duty receipts also lagged behind projections and only the receipts from customs duties exceeded the target.
Organisers claimed the average Irish person is handing over [euro]733 to the Government a year in excise duty on booze.
The price cut comes in the wake of the latest excise duty reduction announced in the interim budget 2014-15.
She admitted the cigarettes were not UK duty-paid and she was trying to evade PS1,338 in excise duty.