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Describe the word Goods under excise act

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The word “goods” has not been defined under the Central Excise Act. Article 366(12) of the Constitution defines ‘goods’ as ‘goods that include all materials, commodities and articles’. Sale of Goods Act defines that “Goods” is every kind of movable property other than actionable claims and money; and includes stocks and shares, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.

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Open uri20170510 32134 tcchcu?1494421832 answered

Hiiii friend...... Good under Excise act --------------------- The word “goods” has not been defined under the **Central Excise Act**. Article 366(12) of the Constitution defines ‘goods’ as ‘goods that include all materials, commodities and articles’. **Sale of Goods Act defines that “Goods”** is every kind of movable property other than actionable claims and money; and includes stocks and shares, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale. **The word “goods”, for purpose of levy of Excise duty, must satisfy two requirements** i.e. (a) they must be movable and (b) they must be marketable. Goods must be movable - They must be movable. Thus, immovable property or property attached to earth is not ‘goods’ and hence duty cannot be levied on it. Goods must be Marketable - The item must be such that it is capable of being bought or sold. This is the test of ‘Marketability’. The goods must be known in the market. Unless this test of marketability is satisfied, duty cannot be levied as these will not be goods. It was held that to become ‘goods’ an article must be something which can ordinarily come to market to be bought and sold.

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Picsjoin 2017224123730582 answered

Hie Roshni, **Goods under Excise Act can be described as follows :-** The word “goods” has not been defined under the Central Excise Act. Article 366(12) of the Constitution defines ‘goods’ as ‘goods that include all materials, commodities and articles’. Sale of Goods Act defines that “Goods” is every kind of movable property other than actionable claims and money; and includes stocks and shares, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale. The word “goods”, for purpose of levy of Excise duty, must satisfy two requirements i.e. (a) they must be movable and (b) they must be marketable. Goods must be movable - They must be movable. Thus, immovable property or property attached to earth is not ‘goods’ and hence duty cannot be levied on it. Goods must be Marketable - The item must be such that it is capable of being bought or sold. This is the test of ‘Marketability’. The goods must be known in the market. Unless this test of marketability is satisfied, duty cannot be levied as these will not be goods. It was held that to become ‘goods’ an article must be something which can ordinarily come to market to be bought and sold. Actual sale is not necessary - Marketability is an essential ingredient in order to be dutiable. Marketability is a decisive test for dutiability. It only means ‘saleable’ or ‘suitable for sale’. It need not in fact be marketed. The article should be capable of being sold to consumers, as it is - without anything more. - Mere mention in Tariff is not enough - Mere mention of an item in tariff is not enough. Simply because a certain article falls within the schedule (of Central Excise Tariff), it would not be dutiable if the article is not ‘goods’ known to the market. Duty leviable on captive consumption - Since excise is a duty on manufacture, duty is leviable even if goods are consumed within the factory and not sold. However, the goods must be marketable in the condition in which they are manufactured and further consumed within the factory. Everything that is sold is not 'marketable' - 'Marketability' implies regular market for a product. Occasional, stray or distress sales do not mean that the product is 'marketable'. Marketability to be decided on the basis of the state in which it is produced - The commodity which is sought to be made liable to excise duty must be a commodity that is marketable as it is, and not a commodity that may, by further processing, be made marketable

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Data?1494421730 answered

hello friend **Goods** Central excise act has not defined the term ‘Goods’. But the apex court held that in order to be called ‘Goods’ the article must be capable of coming to the market to be bought and sold. Therefore from the above decision two fundamental concepts i.e. to be called Excisable goods they must be: --- Moveable; and --- Marketable. The term moveable and marketable both are not defined in Central excise act, 1944 No Excise duty can be levied on Immovable property.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Roshni, The word “goods”, for purpose of levy of Excise duty, must satisfy two requirements i.e. (a) they must be movable and (b) they must be marketable. Goods must be movable - They must be movable. Thus, immovable property or property attached to earth is not ‘goods’ and hence duty cannot be levied on it. Goods must be Marketable - The item must be such that it is capable of being bought or sold. This is the test of ‘Marketability’. The goods must be known in the market. Unless this test of marketability is satisfied, duty cannot be levied as these will not be goods. It was held that to become ‘goods’ an article must be something which can ordinarily come to market to be bought and sold. If any goods fulfilled the above both condition than such product is known as goods. Any other query feel free to contact us Writer CA Chitranjan Agarwal

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