Economics · Central Excise Rules
Under the administrative and legal framework of Indian excise, what is the specific consequence regarding duty liability if excisable goods are manufactured but subsequently destroyed by fire within the factory premises prior to their removal?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A mandatory penalty is levied in addition to the standard duty amount
- 2The duty liability on such goods may be remitted or waived✓
- 3The manufacturer is required to pay the duty based on the potential transaction value
- 4The duty liability is automatically transferred to the raw material supplier
Correct answer
The duty liability on such goods may be remitted or waived
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