Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
Till now ready-made garments and textile made-ups were under an optional excise duty regime and manufacturers were required to pay duty only if he wishes to avail of the Central value-added tax (Cenvat) credit.
After much persuasion by the UPA government in the aftermath of the petrol price hike, some Congress-ruled states made part-relaxations in taxes.
A bench of justices Sanjiv Khanna and Dipankar Datta, which granted interim bail to Delhi Chief Minister Arvind Kejriwal in the money laundering case linked to alleged excise policy scam, said section 19 of the PMLA, which gives power to arrest, puts stringent safeguards to protect life and liberty of individuals.
Cigarette pricing in India can go the liquor way as ITC, the undisputed leader in the sector, may consider state-specific pricing for its popular brands. This comes after the ad valorem duty imposed in the Union Budget, coupled with the varying value added tax (VAT) rates across states.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
Union Budget 2012-13 has been a great disappointment for the Power Plant Equipment makers who were drumming up for imposition of import duty of 14%-19% on mega/UMPP projects, which currently allows concession duty imports.
Fertilizer demand is set to get a boost on account of cheaper credit availability to farmers. Reduction in basic customs duty on some water-soluble fertilizers and liquid fertilizers may increase their usage, resulting in a positive impact on revenues and profitability of fertilizer players.
Petrol and diesel prices on Tuesday were hiked for the sixth time this month, propelling prices to cross the Rs 100-a-litre-mark in places from Nanded in Maharashtra to Rewa in Madhya Pradesh to Jaisalmer in Rajasthan. Petrol price was hiked by 27 paise a litre and diesel by 30 paise per litre, according to a price notification by state-owned fuel retailers. The increase took petrol and diesel prices to their highest-ever level across the country. In Delhi, petrol now comes for Rs 91.80 per litre and diesel is priced at Rs 82.36.
The industry expects 0% duty on all types of fuels, low duty rate of 2% on basic building blocks like benzene, toluene, xylene, naphthalene etc.; moderate duty rate on Intermediates of 5% and high duty rate on finished products of 7.5%.
Petrol price on Friday scaled to Rs 102 per litre in some parts of Rajasthan and Madhya Pradesh after rates were raised for the fourth straight day after ending more than two-week-long hiatus during assembly elections in states like West Bengal. On Friday, petrol price was hiked by a steep 29 paise per litre and diesel by 31 paise a litre, according to a price notification by state-owned fuel retailers. This took the price of petrol in Delhi to Rs 91.27 per litre and that of diesel to Rs 81.73.
Globally, gold declined from the highest level.
GST will lead to consolidation of multiple indirect taxes
Jewellers in Ahmedabad were baton-charged when they tried to block traffic on busy Sarkhej-Gandhinagar highway.
The facelift now begins at Rs 399,000.
Overall the Union Budget 2011-12 has been a balanced budget. The government is moving in right direction with regard to reforms.
Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.
Govt may not announce any new concessions in excise duty
Proposal to provide weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector.
Union Budget 2013-14 was positive for the Aluminium products sector.
5 MMTPA LNG terminal in Dabhol will be fully operational in 2013-14
GST necessarily includes service tax, but VAT can only be on goods without including service tax
The rise in excise duty will have a negative impact on FMCG companies, which FMCG companies will pass on to consumer.
In the 2012-13, car sales in India fell 6.69 per cent, which was the first decline in a decade.
In 2015, India chemicals industry had a market size of $144 billion.
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
Firms also said the excise duty hike by two per cent will be passed on to consumers and it may hurt sales further.
The government seems to have come to the rescue of potential car buyers.
The price reduction by Nissan is in the range of 4 to 6 per cent.
Pharmaceutical companies in Himachal Pradesh are queuing up to register new products at the drugs controller's office before the seven-year tax holiday window for hill states ends on March 31
Overall, the budgetis positive for the Consumer Durables & Electronics Industry.
Petroleum subsidy for 2013-14 budget estimates is Rs 64,998 crore.
None of the demands of the industry were met.
The Planning Commission on Saturday sought to play down fears that the hike in excise duty on petroleum products would lead to a surge in inflation.
The sector shines on strong demand growth, spurred by strong growth in investment in infrastructure, partially impacted by hike in excise duties and increase in cost of coal
FMCG sector analysts say that due to excise free zones, impact of the excise duty hike will be limited, except for Hindustan Lever. The sector wants impetus for rural income generation and no hike in service tax.
Petrol will cost Rs 17.46 per litre and diesel Rs 18.07 in Delhi if all duties and taxes on the two fuels are removed, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
Flagging higher fuel prices in many opposition-ruled states, Prime Minister Narendra Modi on Wednesday called it "injustice" to people living there and urged the governments there to reduce VAT in "national interest" to benefit the common man. Modi raised the issue of many states not adhering to the Centre's call for reducing the Value Added Tax (VAT) on petrol and diesel after his government slashed excise duties on them in November last, and asked them to work in the spirit of cooperative federalism in this time of global crisis. Higher prices in some states were also harmful for neighbouring states, he added.
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