Economics · Economy
In the administrative framework of excise law, which of the following is the defining characteristic of the Self-Assessment model?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The tax liability is fixed by a third-party audit firm appointed by the State Government for every removal.
- 2A judicial officer must certify the calculation of duty before the goods are permitted to leave the factory gate.
- 3The excise department pre-determines the tax liability based on the factory's installed production capacity.
- 4The assessee calculates their own tax liability, with the department intervening only in instances of suspected error or fraud.✓
Correct answer
The assessee calculates their own tax liability, with the department intervening only in instances of suspected error or fraud.
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