Even as Left parties have demanded a review of the tax concessions provided to SEZs, the DoT has sought extension of excise duty exemptions to industrial units set up in telecom-specific SEZs.
The Indian crude mix is currently hovering at a record high of $42 per barrel as against an average price of $29 per barrel in FY04
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Sustained growth only if domestic manufacturing rises
Petroleum Minister Murli Deora has asked Prime Minister Manmohan Singh for a Re 1 per litre excise duty cut on crude oil to enable a reduction in auto fuel prices, necessary to contain the growing inflation.
The police want to trace the youths as well as a minor seen in the viral video, it said in court.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Consumers are paying an exorbitant 180 per cent tax on petrol, and 140 per cent on diesel in Delhi and in most other towns in India. Little wonder then that the central government expects a staggering Rs 3.46 trillion by levying excise duties on retail sale of the two fuels this year, and Rs 3.2 trillion the next. States would generally have had reason to cheer, as they command a 41 per cent share in Centre's tax revenues. But as the Centre has raised excise duties in the form of "cess," the revenue proceeds are by nature not shareable with states.
Confederation of Indian Industry has suggested levying of basic excise duty at uniform rate of eight per cent across the value chain in textiles stating "it will make the sector competitive in the global market."
Exemption of custom duty on coal would help Chlor Alkali companies to lower their power cost wherever they have captive power generation based on coal.
Private and public sector oil firms have opposed levy of five per cent customs duty on crude saying this would make import of products like jet fuel cheaper than manufacturing them in the country.
Tobacco giant ITC Ltd on Friday won a big relief in the Supreme Court which set aside a demand of Rs 803 crore (Rs 8.03 billion) slapped on the cigarette manufacturers by the government on account of alleged evasion of excise duty.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
The exemption of the value of right to use packaged software would be beneficial to the gaming industry.
The bench has divided the hearing on Kejriwal's petition against his arrest into two parts. His main petition challenges his arrest by the ED and seeks it to be declared as illegal, while the second aspect pertains to grant of interim bail keeping in mind the ongoing Lok Sabha polls. The court has reserved the order on the issue of grant of interim bail.
For BCPL's branded petrol, Speed, the price differential with regular petrol is now between Rs 2.74 and Rs 3.75 per litre.
A Group of Ministers is likely to consider this week a marginal hike in petrol and diesel prices and a cut in excise duty on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms incur every month.
The pharma sector seeks removal of Excise Duty on Bulk drugs & Formulation of Anti-AIDS, Anti-Cancer, Anti-TB and other life-saving drugs
This is the second hike in excise duty in less than two weeks as the government looks to make use of the slump in oil prices to shore up resources.
The government promised on Friday to remove distortions in excise duty on branded and packed refined oils, which analysts said allowed companies to avoid the levy.
The excise duty on unbranded petrol was increased from Rs 5.46 per litre to Rs 7.06 a litre.
India, the world's largest edible oil importer, on Wednesday slashed customs duty on RBD Palm oil to 70 per cent from 85 per cent but traders here said it is unlikely to have any significant impact on imports.
Continue the lower excise duty on various commodities, as similar to FY 09-10, says the glass industry.
Ficci has demanded cuts in excise duties and interest rates to lift the manufacturing sector. It also calls for appropriate raw material policies.
Finance ministry officials said the issue had been raised several times before, but this time it was serious in the wake of huge differential between the two fuel options.
The government on Tuesday announced the reduction in duty drawback rates for 403 items from April 7, but kept the rates same for 401 other items.
The central government will lose about Rs 24,000 crore (Rs 240 billion) of revenue during the current fiscal on account of reduction in customs and excise duties on petroleum goods.
The Enforcement Directorate on Wednesday told a Delhi court the investigation in the money laundering probe against Aam Aadmi Party leader Manish Sisodia in the alleged excise scam is at a "crucial' stage and it has found fresh evidence of his complicity.
The government has also proposed to raise the excise exemption limit for small scale industry from Rs 1 crore to Rs1.5 crore.
Perhaps for the first time, petrol in India costs more than the superior jet fuel (ATF) used in aeroplanes, as the government has levied a record excise duty on the fuel used in two-wheelers and cars.
The much-awaited excise duty cut on small cars to 12 per cent (from 16 per cent) made by the finance minister may have brought smiles on the faces of car manufacturers but this, dealers say, will increase the waiting period on some popular models by another additional month.
However, it may still not change its stance on the policy rate as inflationary pressures are coming from high commodity prices.
