The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
The Congress took out marches and observed bandh at several places on Saturday to protest against rising fuel prices.
Without the handsome receipts from the sale of government equity in PSUs and sharp increases in excise revenues from oil, Mr Jaitley's fiscal consolidation drive would have become even more arduous, says A K Bhattacharya.
CSE supports the tax hike on big cars and SUVs but says Budget is incomplete, as it has failed to take steps to stop misuse of diesel fuel subsidy by cars.
Aam Aadmi Party leader Saurabh Bharadwaj has said that Delhi Chief Minister Arvind Kejriwal's wife Sunita is the best person to keep the party together in the prevailing circumstances and asserted that her presence has had a 'positive effect' on the cadre.
She charged the government with profiteering at the expense of the people, saying its duty was to help them in times of crisis and not make profits out of their hard-earned money.
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
'It could backfire on the BJP and boost the Opposition parties.'
After today's reduction, petrol price has been cut by Rs 12.27 per litre cumulatively since August.
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Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
The industry experienced new pressures on its operating margins and sales in the wake of increasing input costs and new excise regime. For the domestic spirits manufacturing industry, the cost of raw materials such as molasses doubled since March. Packaging costs rose by 15-20 per cent. The widening of services tax resulted in 50 per cent new services to be taxed at 12.36 per cent. Besides an increase in labour costs, inflation also played havoc with the operating margins.
The Congresshas announced a three-phased campaign, "Mehngai-mukt Bharat Abhiyaan".
It's day 14th of the jewellers and bullion traders' strike and there are no signs of roll back from the government. The industry is also determined, and has called for an indefinite strike.
France on Friday warned India that the proposal to replace additional customs duty on wines and spirits with countervailing excise duty at the state level will weaken New Delhi's position
India's top fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states, including Uttar Pradesh, Moody's Investors Services said on Thursday. State fuel retailers did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $120 per barrel compared to around $82 in early November when the hiatus began. "Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively," Moody's said in a report.
Looking to push nearly 28 million over 11-year-old polluting vehicles off-roads, the government has proposed incentives worth 8-12 per cent of the cost of a new vehicle for surrendering the old ones.
A hotel in 1975, entry into paperboards in 1979, India's dominant cigarette maker, ITC, read the tea - or tobacco - leaves early, leveraged its enterprise strengths and stepped up the diversification agenda to create multiple drivers of growth. Some failed, some faltered, some were transformational, adding steadily to the top line. Now those efforts are making a difference: margins from non-cigarettes - FMCG, hotels, agri, paperboards, paper and packaging - are expanding and profits are kicking in more significantly than ever before.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
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Vehicle sales across categories registered an increase of 4.99 per cent to 15,23,693 units from 14,51,263 units in February 2013.
In an interaction with PTI editors at its headquarters in New Delhi, Baniwal also said no distinction is made in the treatment meted out to the inmates and it is ensured they get the same basic right.
Indirect tax revenues rose marginally by 5.6 per cent in the April-October period to over Rs 2.85 lakh crore, mainly on account of increase in service tax and customs collections.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
The tourism ministry wants rationalisation of import duty on adventure sports equipment to promote adventure tourism in the country. There is a proposal for exemption of service tax for inbound tour operators on their foreign exchange earnings. Sources said Tourism Minister Kumari Selja would submit the detailed proposals to the finance ministry, seeking various tax incentives for the sector.
A drive through a long endless dark tunnel best describes the journey of India's auto sector in 2013, during which the industry witnessed record spell of decline in sales, vehicle recalls and strikes.
Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions. The basket of crude oil India buys rose above $102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
Petrol costs more in India than Pakistan.
Soft drinks are a part of the larger consumer non-durables category, which rose five per cent in June, against a 0.5 per cent fall a year earlier, showed official data released on Monday.
So far the company has sold about 80,000 units of Honda Amaze and 30,000 units of 4th generation Honda City.
The government on Monday projected a 16.67 per cent growth in gross tax revenue in the next fiscal beginning April 1, at over Rs 22.17 lakh crore. The revised estimates of gross tax revenue for the current fiscal has been pegged at Rs 19 lakh crore, lower than the Rs 24.23 lakh crore budgeted earlier. Economic Affairs secretary Tarun Bajaj said, "Our revenue figure is under-stated not overstated.
Retail inflation eased to 7.04 per cent in May, mainly on account of softening food and fuel prices as the government as well as the RBI stepped in to control spiralling price rise by way of duty cuts and repo rate hike. However, the inflation print stayed above the Reserve Bank's upper tolerance level of 6 per cent for the fifth month in a row. The Consumer Price Index (CPI) based retail inflation was 7.79 per cent in April.
Car sales in terms of numbers in India in the just-concluded financial year (2013-14) have gone down in over a decade, confirming once again the extent of the economic slowdown.
The impact of fiscal measures announced by the government to contain inflation will be seen in the next few months because of the base effect, reports Indivjal Dhasmana.
Cheer up, the coming Union Budget might just make your imported tipple more affordable - on a par with local booze.
Excise duty cut for auto company is a great boon for the sectors, expert feels.
The next annual budget of India will have to be very carefully structured to sustain the country's growth momentum, Union Finance Minister Nirmala Sitharaman said on Tuesday, noting that it will also address inflation concerns. Visiting Washington DC to attend the annual meeting of the International Monetary Fund and the World Bank, the finance minister was responding to a question on the next year's Budget at a fire-side chat with eminent economist Eshwar Prasad at the prestigious Brookings Institute. "Specifics (of the next Budget) may be difficult at this stage because it's a bit too early. "But broadly, the growth priorities will be kept absolutely on the top. "Even as I speak about the concerns that inflation brings before me. So, inflation concerns will have to be addressed. "But then how would you manage growth would be the natural question," Sitharaman said.
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