India is poised to become the largest global scotch whisky market in value and volume terms over the next few years, fuelled by competitive intensity, premiumisation and economic growth, Scotch Whisky Association chief executive Mark Kent CMG has said.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
Budget expectations 2013 for the automobile sector.
Union Budget has given mixed bag of response for the recommendations of Textile Industry. Some of the provisions in the budget that could have a direct and indirect bearing on the Textile and Clothing Industry are as follows.
Increased personal disposable income, healthy economic growth and pent up demand led to milestone sales in financial year 2011.
Maharashtra Revenue Minister assures investigation into an alleged land deal involving a company linked to Deputy Chief Minister Ajit Pawar's son, Parth Pawar, after receiving a formal complaint.
Between April-June 2016-17, the additional excise duty mop up on these two products stood at Rs 17,692 crore.
Consumer Electronics and Appliances Manufacturers Association Consumer has also welcomed the move saying the it would improve the sentiments and strengthen the growth.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
The government would take a hit of about Rs 6,000 crore (Rs 60 billion) this year if it rolls back the excise duty of Rs 1.5 per litre on diesel it levied last week.
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
The finance ministry on Tuesday issued a clarification on the issue of excise on drugs and medicines based on the retail price.
The Union finance ministry is considering an increase in the central excise duty for some of the products that had benefited from the two rounds of reductions announced by the government as part of its fiscal stimulus measures last year.
The fall in international oil prices had resulted in six consecutive reduction in petrol prices since August and two in diesel in the last one month and there was possibility of another round of cuts this weekend.
The 50-share NSE index Nifty rose by 24.95 points, or 0.41 per cent, to settle at 6,073.30.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
In June, the new government led by Narendra Modi extended the excise duty concession by six months to December 31, which is not being further extended.
The government on Friday removed an anomaly in the recent excise duty cuts by bringing down the duty on microprocessors, other than motherboards, to zero from the current 16 per cent.
The increase in excise duty will have minimal impact on supplies to other user industries, as it is cenvatable. Where the industry supplies to the replacement sector without providing the break up of the product and the excise duty, impact will be felt. So, the players have to hike prices in respect of the supplies to replacement market.
According to the industry Apex association ATMA, domestic Tyre industry doesn't manufacture certain type of tyres such as aircraft tyres for reasons of limited demand vis-a-vis minimum size & scale of operations required.
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
The government on Monday hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15. In the last fortnightly review, windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne.
Information technology, telecommunication, pharmaceuticals, medical and textile products are some of the items exempt from excise duty. These items are likely to attract an excise duty of about 8 per cent.
Seeks cut in excise duty on pesticides from 8% to 4%, on furnace oil from 16% to 4% and removal of customs duty on Fuel Oil, LSHS, Coal
Oil marketing companies (OMCs), paint manufacturers, tyre producers, and aviation stocks witnessed significant gains as Brent crude oil prices slipped below $70 per barrel. The price drop came after a double blow: The US imposed tariffs on Canada and Mexico, including energy imports, and OPEC+ - the group of major oil-producing nations including Russia - announced an output increase of 138,000 barrels per day, the first such hike since 2022.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
In a bid to make high cost conditional access system affordable to consumers, the government has withdrawn 16 per cent excise duty on set-top boxes.\n\n\n\n
Association will write a letter to Finance Minister Arun Jaitley to demand a rollback.
Planning Commission, on Thursday, expressed reservations on Kelkar Committee proposal to bring processed foods under excise duty net saying it will badly affect growth in the sector.
Despite deregulation of petrol prices and a hike in retail prices of other regulated fuels in June 2010, oil marketing companies continue to incur.
Abolition of customs duty and special additional duty on man-made fibres as it would help the industry to source fibres from global markets during the time of shortage or a sharp increase in domestic prices.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
Encouraged by signs of growth revival and desperate to reduce the fiscal deficit Union finance minister Pranab Mukherjee is expected to take this step when he presents his Budget to parliament on 26 February.
He, however, ruled out any reconsideration of the 12 per cent excise duty on computers, saying the industry had wanted it to boost local manufacturing.
Ahead of the meeting of jewellers with Gandhi, the Congress had asked the government to look into the demands of jewellers, who have been agitating for more than 20 days.
Given the oversupply and weak domestic demand, the paper and paperboard players will be unable to pass on the entire increase in duties, and will see a further drop in their EBITDA margins.
We don't expect any big changes in on excise duty and custom duty rates, except in life saving drugs.
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