'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
'While collections under the Income Disclosure Scheme explain it partly, indirect tax numbers not showing any effect of the withdrawal of high denomination currency notes was puzzling.'
Excise duty cut of Rs 6,000 on big cars to be passed to customers; LCDs cheaper by Rs 3,500.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
In part four of a series, Arbind Modi & Arvind Subramanian explain how scrapping the exemptions for the countervailing duty will eliminate the negative protection facing Indian manufacturers
In a virtual mini-Budget ahead of a possible vote-on-account and early Lok Sabha elections, the government on Thursday slashed customs duties on various non-agricultural goods
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
It is now becoming increasingly clear that rising imports have played a significant role in sustaining the buoyancy in revenues from GST, notes A K Bhattacharya.
The government has brought back the windfall profit tax on domestically produced crude oil after international prices firmed up while the levy on export of diesel has been cut to nil, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) is now Rs 6,400 per tonne with effect from Wednesday, the order dated April 18 said. At the last revision on April 4, windfall tax on domestically produced crude oil was cut to nil as international oil prices dipped below $75 per barrel.
The 30-share Sensex ended down 55 points at 25,314 and the 50-share Nifty ended down 11 points at 7,569.
The Shiv Sena has spurned Congress' request to participate in the bandh.
German car makers Audi and Mercedes-Benz on Monday cut prices by up to Rs 3.82 lakh, while Tata Motors and Mahindra & Mahindra announced their intent to follow suit after Finance Minister P Chidambaram reduced excise on automobiles in the Interim Budget for 2014-15.
Taxes and duties on petrol and diesel in India are higher than developed countries like US and Japan and even neighbours like Pakistan, the Rajya Sabha was informed on Tuesday.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near term. On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes were effective from Friday.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
Deaths in the worst-ever hooch tragedy in West Bengal continued unabated on Friday with the toll touching 171 amidst fears of more casualties as authorities suspended the excise officer-in-charge for dereliction of duty.
The Union government's finances witnessed significant improvement in August after a stressful first four months of the current fiscal year. India's gross tax revenue, comprising both direct and indirect taxes, for the first five months of 2023-24 surged 16.5 per cent year-on-year (Y-o-Y) to Rs 11.8 trillion. During the April-July period, gross tax revenue increased by a mere 2.8 per cent compared to the Budget Estimate of 12.1 per cent growth for FY24.
Excise duty collections rose 9.7 per cent to touch Rs 1.05 lakh crore.
He also said an impressive industrial growth of 16.8 per cent in December suggests the economy will grow by over 7.5 per cent in 2009-10 and over 8 per cent in the next fiscal.
The move is believed to be coming after Directorate General of Central Excise Intelligence slapped a notice demanding Rs 252 crore (Rs 2.52 billion) that was allegedly evaded by the chocolate maker for its new unit in Baddi, Himachal Pradesh even before it came into existence, official sources said.
The budget has been neutral with positive bias for the auto component industry.
The CBEC admitted the three models are known as sedans in trade, not as SUVs.
In a blow to Delhi Chief Minister Arvind Kejriwal, the Delhi high court on Tuesday stayed the trial court order granting him bail in the money laundering case arising from the alleged excise scam, holding that the lower court did not "appropriately appreciate" the material placed before it by the Enforcement Directorate.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Excise collections for April have been badly hit, resulting the fiscal deficit touching 16 per cent of target in the very first month itself, which could douse expectations of interest rate cuts.
Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai. Sitharaman in her pre-election Budget, which technically is a vote on account and popularly termed an interim Budget, will seek Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.
With cement companies refusing to cut prices, the government on Tuesday abolished all duties on import of portland cement
Consensus seems a problem before the current session of Parliament ends.
Fiscal deficit in first half of FY19 has already reached 95.3 per cent of full-year budget estimates.
With Delhi Chief Minister Arvind Kejriwal having been sent to judicial custody till April 15 by a city court in connection with the excise policy case, buzz over his replacement intensified even as his party leaders asserted that he will continue to head the government no matter how long he stays in jail.
. Going forward, if the government interference continues, oil-marketing companies will be at a disadvantage. \n\n
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
Finance Minister Pranab Mukherjee on Tuesday announced a stimulus package for the economy, the third this financial year, cutting excise duty and service tax two percentage points each, effective midnight, and extending previous excise cuts beyond March 31, 2009.
At present, 70% of the mobile handsets sold in India are imported.
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