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.
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.
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.
Govt may further hike excise on petrol, diesel before Budget.
Petroleum Minister Jaipal Reddy said these measures would cost the government Rs 49,000 crore in the current financial year.
Move a step towards goods and services tax.
Petroleum Minister Murli Deora on Tuesday sought a Re 1 per litre cut in excise duty on diesel to contain runaway inflation.
Indian Drug Manufacturers Association on Friday demanded reduction in excise duty on drugs and pharmaceutical products to 8 per cent from the current 16 per cent.
Excise duty cut to boost Polymers sector.
There is nothing specific announced for Chemicals Industry, however, reduction in customs duty
Petrol attracts a total excise duty of Rs 17.46 per litre.
The domestic steel companies such as SAIL and Tata Steel are likely to increase prices by about Rs 600 a tonne on account of the increase in excise duty in the Budget.
The government on Wednesday slashed customs duties on petrol and diesel by 5.0 per cent while cutting excise duties by 3.0 per cent, as part of efforts to check inflation that crossed 7.6 per cent.
Chidambaram eases duty on Cement, export of iron ore.
In another step against smoking, the government has reduced by 50 per cent the duty free allowance of cigarettes to 100 sticks and 25 cigars in airports. The decision comes barely a day after Union Finance Minister Arun Jaitley proposed 'sin tax' and announced increase in excise duty on cigarettes in the range of 11 to 72 per cent.
A discussion paper by the empowered committee of state finance minister released today said taxes levied by the central government like excise, additional excise duty and various surcharges and cesses would be part of the GST.
Can lead to imprisonment up to seven years.
Petrol price on Thursday was cut by Rs 6.07 per litre and diesel price by Rs 11.75 in Delhi as oil companies passed on a record reduction in excise duty rates to consumers. Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the centre, the total incidence of price reduction is higher.
A 10 per cent drop in current PC prices would increase the demand by 30 per cent, analyst firm Skoch said.
'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.
Price reduction by auto buyers leads to only a marginal rise in enquiry level.
Ahead of the Budget, Society of Indian Automobile Manufacturers on Tuesday asked the government to retain excise duty on small cars at the current level of 10 per cent even though the industry witnessed good growth this fiscal.
The Centre earned nearly Rs 8.02 lakh crore from taxes on petrol and diesel during the last three fiscal years, of which more than Rs 3.71 lakh crore was collected in FY21 alone, Finance Minister Nirmala Sitharaman informed Parliament on Tuesday. The minister was responding to queries on the hike in excise duty on petrol and diesel during last three years and the details of the revenue earned through various taxes on these fuels. The excise duty on petrol rose from Rs 19.48 per litre as on October 5, 2018 to Rs 27.90 a litre as on November 4, 2021.
'It is important for states to agree 10-15 per cent duty cut and take home the same amount of tax revenue as budgeted.'
The government has slashed by up to 20 per cent the supplies of cheaper domestically produced natural gas to city retailers -- a move that may result in Rs 4-6 per kg hike in the price of CNG sold to automobiles, unless excise duty on the fuel is cut, sources said. Natural gas pumped from below the ground and from under the seabed from sites ranging from the Arabian Sea to Bay of Bengal within India is the raw material that is turned into CNG for sale to automobiles and piped cooking gas to households.
Corporate India will have to shell out an additional Rs 21,000 crore (Rs 210 billion) if the 2010-11 Budget increases the excise duty by 2 per cent.
The government has further simplified tax procedures by reducing the number of returns filed by manufacturers for Excise Duties to a unified one-page return from October, 2003.
In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
