Excise Duty Benefits: The government is looking at the proposal of extending excise duty concessions for the growth of manufacturing industries in India. This move will provide relief for automobile industries, consumer goods and capital goods.

Excise duty is an indirect tax imposed by the central government on the goods manufactured in India and are meant for the nation only. The liability on excise duty arises as soon as the goods are manufactured. It is a tax on manufacturing and the manufacturer has to pay the tax.

Issues Related To Double Taxation: Uncertainty regarding VAT and service tax on transactions like supply of software, intellectual property rights and work contracts has been a continous issue. Double taxations on such transactions require immediate attentions.  

Double taxation is the collection of tax by two or more authorities on the same declared income, assets or financial transactions. It is expected that Modi’s Budget will address issues related to double tax this year.

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