Senior Congress leader P Chidambaram on Thursday took a swipe at the BJP over the cut in excise duties on petrol and diesel, saying the results of the 30 assembly and three Lok Sabha by-elections have "produced a by-product".
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
The government on Saturday said it will earn an additional Rs 40,000 crore (Rs 400 billion) from the hike in excise and restoration of duties on petroleum products, while it will lose Rs 21,000 crore (Rs 210 billion) due to income tax sops.
The duty hike on cigarettes by 16 per cent announced in the Union Budget 2023-24 would have a nominal impact of around 7-12 paise per stick across cigarette categories, according to experts. This upward revision in National Calamity Contingent Duty (NCCD) would have negligible impact on smokers and the companies could easily absorb the shock as it may not also have any resultant impact on margins, they said. Finance Minister Nirmala Sitharama in the Union Budget for 2023-24 on Wednesday proposed to revise and increase the duty on cigarettes to about 16 per cent.
The best course for the government at this time would be to tighten the seat belt a little more, without compromising on its investments in creating better infrastructure and giving a push to privatisation, points out A K Bhattacharya.
Budget expectations 2013 for the automobile sector.
India, the world's third largest oil importing and consuming nation, is likely to save as much as Rs 1.8 lakh crore on import of crude oil and LNG if the trend of softening international energy rates continues, Icra said Wednesday. India, which meets over 85 per cent of its crude oil needs through imports, spent $242.4 billion on buying crude from overseas in the fiscal year ended March 31, 2025.
Multiple tailwinds for the automobile sector, including a cut in goods and services tax (GST) rates, are keeping analysts bullish on auto stocks from a long-term perspective, even as they see the rally running its course in the near term.
Beer to be allowed in certain offices in Haryana; other states allow its sale in stores and malls.
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.
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.
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
India's 18 largest states, accounting for over 90 per cent of the country's gross state domestic product (GSDP), are likely to record a marginal uptick in revenue growth to 7-9 per cent this year, from 6.6 per cent clocked in 2024-25 (FY25), rating agency Crisil said in a report on Tuesday. This growth, slower than the decadal average of about 10 per cent, would lift these states' cumulative revenue to around Rs 40 trillion in FY26 from Rs 37.26 trillion in FY25.
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.
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.
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.
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.
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.
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.
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
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.
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.
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
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.
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.
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.
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.
