Is excise duty refundable? What is the excise duty on Mustard oil?
I am exploring the export business from India of Mustard Oil. The HS Code of Mustard Oil is 15149120 . Please do needful as follows:
1. Please Confirm the Excise Duty on Mustard Oil (15149120).
2. Please confirm the Subsidy on Mustard Oil, if any.
3. Do we take Excise Duty as a cost?
4. Is Excise Duty is refundable?
5. Do we take Subsidy as a profit?
The Mustard Oil is subjected to a central excise duty @ 6% ad valorem.
In general, there is no subsidy available for the export of Mustard Oil.
It can be refunded if the same is not recovered from the customers in the invoice issued to them, and then it is a profit, otherwise, it is a cost.
The subsidy is considered to be as profit, if there is any subsidy available under the act.
Further the subsidy part of the same can be clarified when we get the documents like the invoice, country of origin etc.
Kindly contact us for any further details and action.
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Customs & Central Excise Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- Removed from rank without any proper audit by authorities
- Procedure to cancel the marriage registration
- Co-founder of the company wants to quit
- Builder causing trouble and delaying possession. What to do?
- What action can be taken against LIC for rejection of insurance