India will raise its import duty on sugar to 40 percent from 15 percent, as the government tries to revive business at mills that owe farmers around $1.84 billion, the food minister said on Monday.
The government has fixed the target of indirect tax collection, comprising customs, excise and service tax, at Rs 5.65 lakh crore for 2013-14.
As the excise duty cut for small cars spurred demand, market leader Maruti Udyog Ltd on Monday reported a 15.7 per cent increase in total sales at 63,196 units in March
With summer almost here, Hindustan Lever on Tuesday claimed that it was ahead of Amul in the ice-cream market and said it will further consolidate its position with the launch of five new flavours.
In a major boost to the automobile industry, the finance minister on Tuesday cut the excise duty on small cars to 16%.
Dell on Wednesday announced a six per cent cut in list prices of its desktop systems, notebooks and workstations with immediate effect following the removal of excise duties on computers in the Union Budget.
The government has extended excise duty concessions beyond 30th June 2014 for a period of 6 months up to 31st December 2014.
Market linking of petrol and diesel prices has helped the industry.
The only saving grace in indirect tax collection during the month was 29.6 per cent rise in service tax realisation.
The oil sector has been quite lucky for the Modi government. It has often provided an opportunity to the government to mend its finances, notes A K Bhattacharya.
New fuel to cost 15-20 paise less per litre
The finance minister has labelled about 65 per cent of the fuel excise revenue as cess, including the restructured road and infrastructure cess
The Union Budget has proposed to extend concessional basic customs duty of 5 per cent with full exemption from excise/countervailing duty to six specified life-saving drugs and vaccines, even as the stress has been laid on vaccine security.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
Petrol and diesel prices were raised for the second day in a row on Wednesday as state-owned fuel retailers resumed daily rate revision after a more than two-week long hiatus during assembly elections in states like West Bengal. Petrol price was increase ford by 19 paise per litre and diesel by 21 paise a litre, according to a price notification of state-owned fuel retailers. Petrol in the national capital now costs Rs 90.74 a litre and diesel comes for Rs 81.12 per litre.
The Finance Minister proposed a cess of 1 per cent on small petrol, LPG and CNG cars, 2.5 per cent on diesel cars of certain capacity.
The ED said its investigation also revealed that from 2019 to 2022, the sale of 'unaccounted illicit' liquor was almost 30-40 per cent of the total liquor sale in the state.
Auto sector has nothing to look forward to in the Budget.
While MSI's price cuts range between Rs 8,502 and Rs 30,984 across its models, Hyundai has slashed prices by between Rs 10,000 and Rs 135,300.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
Despite the crash in crude oil prices, Indians still pay a high price for petrol.
Tax incentives to have cascading effect on the capital goods industry.
Finance Minister P Chidambaram presented the Interim Budget for 2014-15 on Monday. Income Tax rates were kept unchanged.
Finance Minister P Chidambaram on Monday slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables.
Jet fuel prices on Wednesday were hiked by over 18 per cent -- the steepest ever increase -- to all-time high levels after international oil price surged to a multi-year high.
The price of the Indian basket of crude oil jumped as much as 78 per cent to cross $50 a barrel last week, from a multi-year low of $28 in January.
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
India's gross tax revenue, comprising both direct and indirect taxes between April and July, reported a growth rate of merely 2.8 per cent to Rs 8.9 trillion compared to the same period a year ago, as shown by government data on Thursday. This growth was dampened by direct tax figures, offsetting the healthy growth in goods and services tax collections and Customs duties. While net tax revenue contracted by 12.6 per cent to Rs 5.8 trillion up to July, accounting for 25 per cent of the Rs 23.3 trillion full-year target, this could be attributed to the increased tax devolution to states during the period.
The government is also looking to earn 8 paise for every rupee from Union excise duty and 3 paise from customs duty. While, income tax will yield 14 paise to every rupee collection.
Jet fuel or ATF price on Wednesday was cut by almost 6 per cent after four rounds of monthly increases since July, while commercial cooking gas (LPG) rates were raised by a steep Rs 101.5 per 19-kg cylinder in line with international benchmarks. However, the price of domestic LPG - used in household kitchens for cooking purposes - remained unchanged at Rs 903 per 14.2-kg cylinder. Aviation turbine fuel (ATF) price was cut by Rs 6,854.25, or 5.79 per cent, in the national capital to Rs 111,344.92 per kl from Rs 118,199.17, according to a price notification of state-owned fuel retailers.
Petrol and diesel prices on Wednesday were hiked by 25 paise per litre each, the third increase this week, propelling petrol price to cross Rs 100 per litre mark in more cities including Bhopal and Indore. Petrol and diesel prices are now at record high across the country, price notification of state-owned fuel retailers showed. In Delhi, petrol now comes for Rs 92.05 per litre and diesel is priced at Rs 82.61. This was the third increase in prices this week and seventh hike since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal.
In one of the steepest increases since daily price revision was started, petrol price on Thursday was hiked by 25 paise per litre and diesel by 30 paise as oil companies raised rates for the third straight day to pass on to consumers the increase in international oil prices.
Petrol price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as State-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus.
Petrol price on Thursday was hiked by 35 paise per litre and diesel by 15 paise, pushing rates to a new high across the country. Petrol in Delhi now costs Rs 101.54 a litre and diesel Rs 89.87 per litre, according to a price notification of state-owned fuel retailers. The increase comes after rates stayed mute for three days. Petrol price was last hiked on July 12, on a day when diesel rates had seen its first reduction in almost three months. The increase on Thursday neutralised the 16 paise price cut in diesel on July 12.
P Chidambaram presented the Budget for the 9th time.
Steel makers in Punjab has termed the excise duty demand raised by the central excise department as unjustified and has sought intervention of the chairman of Central Board of Excise and Customs in the matter.
