Yadav said the nationwide strike has affected over 35 lakh (3.5 million) people.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
The doubling of Clean Energy Cess from Rs 200 to 400 per tonne would further increase the input cost for domestic producers.
Increase in tax exemption limit by Rs 50000 is positive for the FMCG sector, as it will leave more discretionary income in the hands of consumers.
'We crossed Rs 1.7 trillion in three months this financial year.'
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
Some jewellers kept their shops shut in Mumbai as well.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
Arun Jaitley has rejected the demand for rolling back the levy.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
Petrol price in the national capital neared the Rs 85 a litre mark while diesel rates in Mumbai were close to Rs 82 as fuel prices were raised by 25 paise per litre each on Monday. Petrol now costs a lifetime high of Rs 84.95 per litre in Delhi while diesel comes for Rs 75.13, according to a price notification from oil marketing companies. The price hike on Monday came after three days of unchanged rates. Prices were last hiked by 50 paise a litre in two instalments on January 13 and 14.
Petrol and diesel prices were hiked by 60 paisa per litre on Monday, for the second day in a row, as State-owned oil firms reverted to daily price revisions after an 83-day hiatus. Petrol price in Delhi was hiked to Rs 72.46 per litre from Rs 71.86 on Sunday, while diesel rates were increased to Rs 70.59 a litre from Rs 69.99, according to a price notification of state oil marketing companies.
The auto industry expects lower taxes and interest rates from Budget 2015.
Leading conglomerate ITC will soon increase prices of cigarette brands like Classic and Gold Flake Kings by up to 15 per cent per pack.
P Chidambaram announced a few sops to bring cheer to consumers and some sectors like automobile and capital goods.
Petrol price in Delhi was hiked to Rs 77.28 per litre from Rs 76.73, while diesel rates were increased to Rs 75.79 a litre from Rs 75.19, according to a price notification from State oil marketing companies. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Ram Buxani said increase in the customs duty on gold will help Dubai's business.
The industry hoped that the new government would keep the excise duty rates at the existing level to help the sector come out from a prolonged demand slump.
Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule was announced.
It is immediately not clear how GST will impact the mass car market. Experts, however, say the level of tax on smaller cars will have to be at a differential to the sedans.
The reductions will be applicable across Ford Figo, Ford Classic, Ford EcoSport, Ford Fiesta and the Ford Endeavour.
The states will forego around Rs 44,000 crore of tax revenue after they reduced VAT on petrol and diesel in the reminder of the fiscal but higher central tax devolution of Rs 60,000 crore will offset the losses, according to a report. After months of calls for lowering the taxes on the fuels, the Centre on November 4 cut excise duty on diesel by Rs 10 a litre and by Rs 5 on petrol. Following this, as many as 25 states and Union territories have lowered value-added tax (VAT) on these fuels.
Jewellers remained firm over complete rollback of excise duty.
The excise duty collection grew by 81 per cent in first quarter against the budgeted 21.7 per cent.
The price reduction across passenger vehicles is in the range of Rs 6,300 to Rs 69,000.
Wall Street brokerage Bank of America Securities has pencilled in lower than the consensus retail inflation for the current fiscal year at 5 per cent, but higher than the previous forecast of 4.7 per cent. Stating that the June print will be critical for the future trajectory -- after the extremely high 6.3 per cent print in May, the brokerage in a report on Friday revised upwards its forecast by 30 bps to an yearly average of 5 per cent for the year to March 2022. "Though the June print will be critical for future trajectory, beyond near-term, we find some comfort from our analysis of four key factors that are likely to influence CPI inflation the most.
Excise duty on formulations has increased from 4 per cent to 5 per cent.
Jewellery showrooms in Tamil Nadu and Andhra Pradesh were also opened.
Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
The hike in Custom and Excise duty on crude oil and petroleum products will be passed on by the refineries as well as oil marketing companies
In nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
Set to begin next week, the first of its kind uniform discount offer from all jewellers across the country, would be valid for 10 days nationwide.
Excise duty hike for cigarettes could be lower.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
On the hike in fuel prices, she accused the government of profiteering and said it is turning a disaster into an opportunity to fill its coffers. She also alleged that the government is breaking the back of the poor, the farmers, and the middle class due to its 'insensitivity'.
The reduction in excise duty and basic customs duty on parts of blood pressure monitors and blood glucose monitoring systems (Glucometers) on actual user basis helps the industry significantly.
Electric power is the key input required for manufacture of caustic soda and accounts for almost 60% of the total cost of production.
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