According to government, the chocolate manufacturer wrongfully claimed exemption.
Move to be aimed at reducing subsidies on the fuel.
The decision to deregulate the diesel prices is expected to bring the oil subsidy down Rs 15,000 crore (Rs 150 billion), the agency said, adding the ongoing correction in global crude prices will also result in sizable gains for the government.
On the back of robust tax collection, the ratio of direct taxes to gross domestic product (GDP) this financial year is likely to be the highest in this century so far. This, along with strong goods and services tax (GST) collection, may drive up receipts from central taxes as a proportion of GDP to the highest level or close to the highest since 2008-09 despite subdued excise and customs duty receipts. This will be due also to lower nominal GDP projected in the first advance estimates for 2023-24.
The duty for two-wheelers and small cars has been brought down to 12 per cent in the Budget proposals, a move, two-wheeler manufacturers feel, would lead to unfair competition. "The excise duty on two-wheelers and three-wheelers should be brought down to 8 per cent," Chairman of Bajaj Auto Rahul Bajaj said.
Petrol prices have been cut in small doses on 20 occasions.
Friday cut the import duties on non-alloy steel by five per cent and 10 per cent on ships for breaking, as part of fiscal measures to stem inflation surging towards 8 per cent.\n\n
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Basic Customs Duty is being reduced to 2.5 per cent for the equipments required for setting up or substantial expansion of iron ore pellet plants & iron ore beneficiation plants.
With taxes making up more than half of the selling price of petrol and one-third of diesel, a parliamentary panel has asked the government to reduce rates of duties and taxes on the two fuel.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
Finance Minister Nirmala Sitharaman on Monday ruled out a cut in excise duty on petrol and diesel to ease prices, which have touched an all-time high, saying payments in lieu of past subsidised fuel pose limitations. Petrol and diesel as well as cooking gas and kerosene were sold at subsidised rates during the previous Congress-led UPA government. Instead of paying for the subsidy to bring parity between the artificially suppressed retail selling price and the cost that had soared because of international rates crossing $100 per barrel, the then government issued oil bonds totalling Rs 1.34 lakh crore to the state-fuel retailers. These oil bonds and the interest thereon are being paid now.
Buckling under pressure from various quarters, the government on Monday withdrew the harsh provisions relating to excise and customs duty evasion cases. In Finance Bill 2012-13, it had earlier proposed to make certain excise and customs duty evasion cases non-bailable until the court had heard the public prosecutor.
It is the season for submitting 'wish lists' to the finance minister. Let me make only one point today, which is to simplify the duty rate structure.
Excise duty at 4% should be imposed on man-made fibres, POY and filament yarns.
The police want to trace the youths as well as a minor seen in the viral video, it said in court.
Only Cement is assessed to retail selling price based excise duty but denied abatement; also seeks imposition of import duty due to emerging surplus supply situation in India
The ministry of urban development has asked the finance ministry to lower the duty in order to promote the public transportation system in the country.
Jewellery traders said the exemption of branded jewellery from excise duty will have a marginal effect on the traders as only few customers buy\nbranded jewellery.
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
Mahindra & Mahindra Ltd, the country's largest utility vehicle maker, will roll out a sub-four metre compact model of Verito, the rechristened Mahindra Logan, which is expected to attract only 10 per cent excise duty instead of the earlier 22 per cent. Also, it will have a lower price tag.
The govt has hiked customs duty for metallurgical coke.
Finance Minister P Chidambaram's budget announcement to cut the excise duty on drugs from 16 per cent to 8 per cent received a loud applause from many corners. However, the common man is yet to see its impact as there are many loose ends to be tied up and loopholes to be plugged before drug prices show any downward trend.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Even as Left parties have demanded a review of the tax concessions provided to SEZs, the DoT has sought extension of excise duty exemptions to industrial units set up in telecom-specific SEZs.
The bench has divided the hearing on Kejriwal's petition against his arrest into two parts. His main petition challenges his arrest by the ED and seeks it to be declared as illegal, while the second aspect pertains to grant of interim bail keeping in mind the ongoing Lok Sabha polls. The court has reserved the order on the issue of grant of interim bail.
Congress president Mallikarjun Kharge has accused the BJP of rigging the Maharashtra assembly elections and called for a return to ballot paper voting. He also criticized the Modi government for selling off public assets, undermining democratic institutions, and promoting communal polarization. Kharge's remarks come as the Congress prepares for its AICC session in Ahmedabad, where it will present its political and economic views.
The Indian crude mix is currently hovering at a record high of $42 per barrel as against an average price of $29 per barrel in FY04
Consumers are paying an exorbitant 180 per cent tax on petrol, and 140 per cent on diesel in Delhi and in most other towns in India. Little wonder then that the central government expects a staggering Rs 3.46 trillion by levying excise duties on retail sale of the two fuels this year, and Rs 3.2 trillion the next. States would generally have had reason to cheer, as they command a 41 per cent share in Centre's tax revenues. But as the Centre has raised excise duties in the form of "cess," the revenue proceeds are by nature not shareable with states.
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