What is the meaning of abatement in service tax?
Reduction, Decrease or discount
Dictionary meaning of abatement is “Reduction, Decrease or discount.” In reference to service tax, this term is used for amount liable to be reduced from value of taxable service as per finance act and rules therein.
How do I get an abatement on excise tax in Massachusetts?
You have until three years after the excise is due — OR one year after you pay the excise bill — to file an abatement. You can find the abatement form on the reverse side of your excise tax bill. You can also download and print a blank abatement form online: Motor vehicle abatement form.
What are excisable goods?
The term ‘excisable goods’ means the goods which are specified in the first schedule and the second schedule to the Central Excise Tariff Act, 1985, as being subject to a duty of excise and includes salt. Liability to pay excise duty.
What are the objectives of central excise duty?
Its objective is to generate additional revenue for some specified object. It is applicable at the rates specified in schedule second to Central Excise Tariff Act, 1985.
What is negative list under service tax?
A negative list of services under service tax implies two things:(1) a list of services which will not be subject to service tax; (2) other than the services mentioned in the negative list, all services will be taxable which fall within the definition of ‘services’.
What is mega exemption in service tax?
2012 the Central Government has exempted many of the services from the levy of service tax. This notification is called as Mega Exemption Notification since the exemption is considerably high. Subsequently many notifications were issued in relation to mega exemptions.
Does abatement mean refund?
Examples of an abatement include a tax decrease, a reduction in penalties, or a rebate. If an individual or business overpays their taxes or receives a tax bill that is too high, it can request an abatement from the tax authorities.
What is abatement for with cars?
The California Highway Patrol’s (CHP) Abandoned Vehicle Abatement (AVA) Program was designed to provide guidance to counties who wish to develop and administer AVA Authorities. The AVA Program is recognized as a means to remove abandoned vehicles that create a public nuisance and a health or safety hazard.
What is non excisable goods?
11 July 2012 non excisable goods are those, which are not shown in CENTRAL EXCISE TARRIF ACT. exempted goods are those, which are shown in CENTRAL EXCISE TARRIF ACT, but duty liability is exemted by any of the notifications issued by the central gazzete of india.
What is difference between Modvat and Cenvat?
CENVAT is an adaptation of VAT, which came into force in the country in 1986 in the form of MODVAT (Modified Value Added Tax). This MODVAT was converted into CENVAT in the early 2000’s with no major changes in its implementation or execution.
What is the difference between State excise and central excise?
Central excise duties are levied by the Union Government on commodities manufactured or produced within the country and consumed within the country, as against the State excise duties which are levied on alcoholic drinks, opium, etc.
What are the different types of excise duty?
Types of Excise Duty
- Basic Excise Duty: Basic Excise Duty is levied under Section 3 of the Central Excises and Salt Act, 1944.
- Special Excise Duty: Central Excise Duty is charged under Section 37 of the Finance Act, 1978.
- Education Cess on Excise Duty: According to Section 93 of Finance (No.