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Introduction to GST

why is import...

Question

why is import duty and excise not deducted while calculating net value added at market price.?

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Solution

Import duty and excise duty are indirect taxes. The value of indirect taxes or net indirect taxes are included while estimating the value of any variable at market price.

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Similar questions

Q. MODVAT is different from VAT in the sense that:
1. Under MODVAT, tax is levied only on value addition while under VAT, excise Is imposed on final value and then rebate is given on inputs.
2. MODVAT is only at the production stage white VAT extends both to production and distribution stage.
3. Under MODVAT, excise is levied on final value and then rebate is given on inputs while under VAT, tax is levied only on value addition.
4. MODVAT implies rationalisation of excise duty only while VAT implies rationalisation of excise sales and turnover taxes etc also.

Which of the statements given above are correct?

Q. Sales tax, excise duty, and customs duty are examples of ___________.

Q. Excise duty is a:

Q. Excise duty tax is levied on the _______.

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