Normal or unbranded diesel currently attracts basic excise duty of Rs 1.46 a litre and an additional excise duty of Rs 2 per litre.
IDFC First Bank has integrated with ICEGATE 2.0 to enable digital payment of customs duty, central excise, and service tax for its customers.
The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
Biscuit manufacturers have sought abolition of excise duty and reduction in value added tax by as much as 4 per cent in the Budget, stating that the product is consumed by common man and also distributed as relief material.
Air India, IndiGo and SpiceJet have told the government that the country's airline industry is under extreme stress and on the verge of "stopping operations", as they sought revision in ATF pricing and financial support.
Cut in specific excise duty on large cars of engine capacity 2000 CC and above by Rs 5000, levy of service tax on transport through rail, coastal cargo and through inland water.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
The Indian central government has reduced its total expenditure by approximately 60,000 crore in FY26, below its revised estimate, to successfully achieve the fiscal deficit target of 4.4 per cent of gross domestic product (GDP), according to the latest data from the Controller General of Accounts (CGA).
Excise duty on most products has been capped at 12.5 per cent
Surplus scenario emerges despite double digit growth in demand on accelerated capacity additions; seeks abatement of excise duty on cement, removal of customs duty on inputs.
Additionally, road cess on petrol was raised by Re 1 per litre each on petrol and diesel to Rs 10.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
The Ministry of Petroleum and Natural Gas is demanding an increase in excise duty on diesel cars with a view to discouraging consumption of subsidised fuel by personal vehicle owners.
Ludhiana's readymade garment makers on Wednesday announced shutting down of operations for a day on March 4, perturbed by the latest budget proposal, making 10 per cent excise duty on branded apparels mandatory.
Traders caution that branded jewellery customers may start opting for substitutes as high prices of previous metals and stones have already made buying any luxury items unaffordable for most of the middle class.
Amidst healthy demand, there are apprehensions of possible hike in excise duty, and hence the player seeks excise duties to be retained at current levels
Industry bodies representing alcoholic beverage manufacturers have welcomed the India-UK Free Trade Agreement (FTA), which will see tariffs on UK whisky and gin reduced, boosting bilateral trade and supporting premiumisation. However, domestic manufacturers are calling for state governments to withdraw concessions currently enjoyed by imported liquor brands.
Ahead of the Budget, the auto industry is understood to have asked the government to reduce excise duty and remove the additional Rs 15,000 tax imposed on big cars to minimise the gap with those of small cars.
Excise duty was cut by six per cent in two phases since December 2008 from a peak of 14 per cent earlier to perk up the economy, which came under the impact of deepening financial crisis.
Exemption limit for the general category of individual taxpayers will increase the liquidity.
Exemption of excise and customs duty on liquid fuels, abolition of service charge, rescheduling of loans for all textiles and clothing units will reduce pressure on the industry and will help to improve liquidity.
The petroleum ministry on Friday reaffirmed the government's commitment to maintaining stable petrol and diesel prices, despite India's high dependence on imports.
India's wholesale price inflation surged to 3.88 per cent in March, marking the fifth consecutive monthly increase, primarily driven by a sharp rise in crude petroleum, natural gas, and manufactured items amidst the West Asia crisis.
The increases, which follow similar hikes in mid-November, seek to take advantage of a slump in world oil prices to shore up government revenues without stoking inflation.
The factory gate duty on SUVs stands at the reduced rate of 24 per cent as against 30 per cent.
SUVs occupy greater road and parking space and ought to bear a higher tax, says FM
The Indian government is considering additional relief packages for vulnerable sectors like MSMEs to mitigate the impact of the ongoing West Asia crisis on the economy and inflation.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
Excise duty on small cars, motorcycles and SUVs was reduced.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
Ruling out the implementation of value-added tax from June 1, Finance Minister Jaswant Singh on Wednesday announced several excise duty concessions on edible oil and textiles.
Finance Minister Arun Jaitley refuted the allegations saying when items of common use were being taxed, how could luxury items be kept out.
Prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down with Finance Minister P Chidambaram announcing a reduction in excise duty in the Interim Budget.
The Indian government has imposed a new windfall gains tax of Rs 3 per litre on petrol exports, while simultaneously reducing the levy on diesel to Rs 16.5 per litre and aviation turbine fuel (ATF) to Rs 16 per litre, effective May 16.
The government is considering to roll back 10 per cent excise duty on branded garments, due to large scale protest by industry bodies in many parts of the country, including West Bengal, which goes to polls next month.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
Petrol and diesel will cost Rs 2 a litre less from Wednesday after the first excise duty cut by the Modi government comes into effect.
