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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Which of the following products is exempt from excise duty?

4) Rope, twine and similar items are being exempted from excise duty.

What goods are subject to excise?

Excise taxes are taxes required on specific goods or services like fuel, tobacco, and alcohol.

What is FOC in invoice?

FOC stands for: Free of Charge. It is often used in the travel industry to describe (additional) services for which the client does not have to pay for.

What are 4 examples of excise taxes?

Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Which of the following services is not covered under GST?

Detailed Solution. The correct answer is Petrol. It is an indirect tax used in India on the supply of goods and services. It is a value-added tax levied on most goods and services sold for domestic consumption.

Is GST applicable on free sample?

Conclusion. In the case of free and sample products, GST is not applicable as it doesnt fall under the definition of supply. Also, input tax credit pertaining to goods which have been disposed of by way of free sample is not available under GST.

Do we need to charge GST on sale of fixed assets?

Fixed Asset itself is not exempted goods. The Supplier shall have to charge tax on supply of such fixed asset when he sells it. The Supplier asks the question whether he can avail input tax credit now when he sells the asset on which he had not taken input tax credit due to asset was used for supply of exempted goods.

What is FOC in GST?

Whenever the goods are supplied free of cost, as such no compliances are involved and thus, the supply would not consider a taxable supply, as per section 7 of the CGST Act.

Is GST applicable on free replacement?

GST is applicable on supply of goods/services for a consideration. However, in certain cases even if the business disposes off the assets for free, they are required to discharge GST on such disposed assets.

Which 3 Items generally have an excise tax collected on them?

Nonetheless, while most states levy general sales taxes, every state levies excise taxes on tobacco, alcohol, and gasoline.

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The best way to Excise Recommended Field Warranty For Free with DocHub

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