Glossary / Also known as

Excise

Another name for Excise Duty.

Other names

What does excise mean?

Excise is another name for Excise Duty. An indirect tax on the manufacture or production of goods within a country, distinct from customs duty on imports.

The two names mean the same thing. You will see "excise" in some ledgers, reports and contracts and "Excise Duty" in others. The full entry covers how it works, with examples.

Read the full definition of Excise Duty

Topics

Trade and foreign exchange

From the glossary

Related terms.

Trade and foreign exchange Excise Duty An indirect tax on the manufacture or production of goods within a country, distinct from customs duty on imports. Also called excise tax, excise Trade and foreign exchange Central Excise A tax on the manufacture of goods within India, levied by the central government and largely subsumed by GST in 2017. Also called central excise duty GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax Trade and foreign exchange Customs Duty A tax levied on goods imported into or exported from India, administered by the Central Board of Indirect Taxes and Customs. Also called import duty Input tax credit Input Tax Credit (ITC) A mechanism that allows businesses to claim credit for GST paid on purchases and expenses, reducing their overall output tax liability. Also called input credit, GST input credit, input tax credit under GST Trade and foreign exchange Anti-Money Laundering (AML) Regulations and processes to detect, prevent, and report money laundering activities in the financial system. Also called anti money laundering, PMLA compliance

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