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hi there its sarah from skyhawk chemicals i wanted to give a quick update about the super fund excise tax its going into effect on july 1st which is just a couple days from now but it was actually signed into law back in november 2021 as part of the infrastructure act how it relates to you is it imposes or modifies packs on the sale of 42 different chemicals ill post that list down below so you can see if any of the chemicals that you buy are affected by this tax exemptions may apply however its always best to consult your tax advisor around any questions surrounding this i hope that gives you just a short overview on whats coming and a little update about whats going on in the chemical industry thanks for watching bye for now

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What is meant by excise duty?

An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).

How do I become an excise warehouse?

What you will need business name and address. name of your warehouse. warehouse approval number or Freeport warehouse approval number. authorised warehousekeeper registration number or an authorised Freeport excise business registration number. details of any other excise approvals you have.

What is my excise number?

An Excise Number is the identification number issued by the competent authority in respect of the person or premises. That means that an Excise Number identifies a Registered Trader, an Authorised Warehousekeeper or a Tax Warehouse within the excise community.

Why do we have excise duty?

The primary function of these duties and levies is to ensure a constant stream of revenue for the State, with a secondary function of discouraging consumption of certain harmful products; i.e. harmful to human health or to the environment.

What is the meaning of excise duty?

Excise duty is a form of tax imposed on goods for their production, licensing and sale.

What is the meaning of excise?

: an internal tax levied on the manufacture, sale, or consumption of a commodity. : any of various taxes on privileges often assessed in the form of a license or fee. excise.

What is difference between excise duty and custom duty?

While excise duty is imposed on items produced or manufactured within the nation, custom duty is imposed on goods sold in India but made outside. The maker of the products, not the purchaser, is responsible for paying the excise charge. The importer of the goods is responsible for paying the customs charge.

How do I register as a consignee?

To become a UK-Registered Consignee you must be VAT registered in the UK (see paragraph 4.2). If your turnover is below the VAT registration threshold (see VAT guide (VAT Notice 700)) and you wish to apply for approval as a Registered Consignee then you must first apply for voluntary VAT registration.

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