What is difference between Excise Duty & Custom Duty?
Difference between Excise Duty and Custom Duty is given below:
According to Central Excise act 1944 and the Central Excise Tariff Act 1985, every manufacturer of the goods in the country has to pay Excise duty. Most of the products attract 16% excise duty But in case of some products it more than that.
The custom duty in India is regulated by Customs Act of 1962. This duty is imposed on the imported and exported goods in the country. This duty is one of the most important duty because it hampers illegal import and export of goods.