Excise Text Voucher For Free

BASIC CONCEPT: Excise Tax is a tax on the production, sale or consumption of a commodity in a country.

Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.

General fund excise taxes are imposed on many goods and services, the most prominent of which are alcohol, tobacco, and health insurance. Other general fund excise taxes include taxes on local telephone service, vehicles with low-mileage ratings (?gas guzzlers?), ozone-depleting chemicals, and indoor tanning services.

If you are a corporation, limited partnership, limited liability company, or business trust chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes.

A business corporation will only file a separate Form 355 or 355S to calculate its non-income measure of excise tax, if its year ends at a different time than the common year used to determine the combined group's income.

Key Takeaways An excise tax is similar to a sales tax, but it's levied only on certain products or services. The most common excise taxes are imposed on tobacco, alcohol, and gasoline.The tax is generally payable by the manufacturer.

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.