Pharma body wants all excisable goods used for R&D purposes should be exempted from central excise duty.
India has been able to attract 40 global smartphone makers to the country -- creating at least 50,000 jobs. But GST could hurt that, discovers Ayan Pramanik.
Excise duty raised to 6 per cent.
Under the passenger car division, the company sells small car Nano, hatchback Indica series and Indigo family of sedans.
While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
The cost of branded garments and made-up textiles will go up by 10-15 per cent with imposition of excise duties as proposed in the Budget.
The government on Friday raised the export duty on iron ore and long steel products used in construction in another attempt to cool prices, rewarded flat steel producers with duty-free exports after they promised to hold prices and imposed fresh excise duty on large cars and sports utility vehicles to dissuade conspicuous expenditure.
State-owned oil companies have virtually stopped producing premium or branded petrol and diesel as sales have plunged due to huge differential in rates when compared with non-branded or ordinary fuel.
Cement is set to be dearer across the country by Rs 8-9 per 50 kg bag from March 1, with the rise in excise duty, industry sources said.
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
The hike in excise duties will be largely passed on to customers.
The revenue from GST for the current fiscal has been pegged at over Rs 4.44 lakh crore, while for next fiscal it is Rs 7.43 lakh crore.
The government expects indirect tax collection to be lower than the Budget Estimate (BE) of Rs 13.38 trillion this fiscal year, despite prospects of netting goods and services tax (GST) in large amounts, Revenue Secretary Tarun Bajaj has said. "Indirect tax collection may see lower realisation than budgeted on account of cuts in excise and customs duties. "We could see a shortfall of about Rs 1.5 trillion on account of those," he told Business Standard.
Finance Minister Pranab Mukherjee on Friday announced raising of excise duty to 12 per cent from 10 per cent at present.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
India is the UK's second-largest market by volumes for Scotch, importing the equivalent of 136 million bottles, worth £146.2 million, in 2021.
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Excise duty on petrol will remain at Rs 14.35 a litre and diesel at Rs 4.60 per litre.
Sounding a note of caution, the Reserve Bank said on Friday said there is a risk of high wholesale price inflation (WPI) putting pressure on the retail inflation, albeit with a lag. In its annual report, the RBI said that the cost-push pressures from high industrial raw material prices, transportation costs and global logistics, and supply chain bottlenecks continue to impinge on core inflation. "The substantial wedge between wholesale and retail price inflation amidst a sharp rise in manufactured products' inflation poses the risk of a possible passthrough of input cost pressures to retail inflation with a lag, although slack in the economy is muting the pass-through," the central bank noted.
Customs and excise duty rates have been amended mainly to promote Make in India.
The net indirect tax collection in 2020-21 grew 12.3 per cent annually to Rs 10.71 lakh crore, thereby exceeding the target set in revised estimates, the Finance Ministry said on Tuesday. The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore. Net collections from Goods and Services Tax (GST) stood at Rs 5.48 lakh crore during 2020-21, an eight per cent drop compared to Rs 5.99 lakh crore in the previous fiscal year.
The finance minister's Budget Speech has come as a surprising blessing as he has maintained the rates as they were last year.
The MPC headed by RBI Governor Urjit Patel said that the recent excise duty cut by the government on petrol and diesel will help contain inflation.
Social activist Aires Rodrigues during a hearing before Goa excise commissioner on Monday produced a lease agreement signed between the owners of a controversial restaurant in North Goa and a company allegedly linked to Union minister Smriti Irani's family.
Some chlor alkali producers using naphtha as feedstock for captive power plant will benefit from cut in the excise duty on naphtha from 16% to 14%.
A World Trade Organization dispute settlement panel has dismissed the United States' complaint against India over the excise duties on foreign wines and spirits, according to sources.
Finance Minister Pranab Mukherjee, who gave up his smoking pipe years ago, feels that others too deserve encouragement to kick the habit and hence has subject tobacco products to higher taxation, while exempting toy balloons from central excise duty.
Finance Minister Pranab Mukherjee presents his 5th Budget in Parliament.
The potential growth in infrastructure and urbanisation suggests that the demand for steel will outpace supply
The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.
In 12 hikes, petrol price has gone up by Rs 6.55 per litre and diesel by Rs 7.04 a litre.
In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
Petrol and diesel prices will go up by Rs 2.67 a litre and Rs 2.58 per litre, respectively, after Finance Minister Pranab Mukherjee on Friday raised customs and excise duties on the two, virtually putting the Kirit Parikh Committee report on fuel price in cold storage.
What effect is the Budget going to have on your daily life? Find out how what's cheaper and what's costlier after the Budget.
What effect is the Budget going to have on your daily life? Find out how what's cheaper and what's costlier after the Budget.
The government on Tuesday announced changes in excise duty from specific to value based for cement priced above Rs 250 per bag of 50 kg, a move manufacturers say would increase the production cost.The industry, however, was non-committal on whether it would pass on the increased burden to consumers.
The Centre has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax.
Auto companies are looking forward to the continuation of incentives, including excise duty cuts, given in the two stimulus packages in the Budget 2009-10.
While the country's largest car maker, Maruti Suzuki India, said its car will become costly by two per cent, Hyundai Motor India said it will result in a price rise of Rs 6,500-25,000 on average.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances