The government has issued a notification to this effect, Excise Minister Anil Deshmukh revealed in Mumbai.
The Central Board of Excise and Customs has put in place a comprehensive mechanism for verification and monitoring of exports made under various duty exemption or reward schemes.
Finance Minister P Chidambaram on Monday said the government was not resorting to price control in the cement sector and invited industry players for talks on duty differential measures announced in the Budget 2007-08.
Finance Minister P Chidambaram is banking on the aspirations of people to own a swanky new mobile phone to boost the government's indirect tax revenue in the next financial year.
Changes in indirect taxes can have a huge impact on monthly home budgets, as these would hit the prices of essential commodities and services.
Sales of passenger vehicles in India are likely to grow at 14.9 per cent each year to touch the 2.1 million mark by 2010.
The Supreme Court on Thursday delivered a judgement giving ITC a relief of Rs 803 crore (Rs 8.03 billion) on account of excise duty
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
While sales of hatchbacks were quite impressive in February and March, the burden of excise duty had its toll, and in April, the figures were quite subdued.
Many goods are likely to become more expensive as the government mulls to lift duty exemptions on them.
In an interaction with PTI editors at its headquarters in New Delhi, Baniwal also said no distinction is made in the treatment meted out to the inmates and it is ensured they get the same basic right.
The government on Monday ruled out making public the RBI report detailing the reasons why the central bank could not keep inflation within the targeted 6 per cent upper limit for the three consecutive quarters. "Yes sir, RBI has furnished a report to the central government, as mandated under Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI Monetary Policy Committee and Monetary Policy process Regulations, 2016," minister of state for finance Pankaj Chaudhary said in a written reply. The said provisions of the RBI Act, 1934, and regulations therein does not provide for making the report public, he said.
The Cabinet Committee on Economic Affairs may consider slashing customs duty on petrol and diesel from 15 per cent to 10 per cent.
The sharp depreciation of the rupee against the US dollar over the last four weeks has neutralised the impact of recent import duty cuts aimed at lowering prices of commodities like edible oil, metallurgical coke and newsprint.
Your plans to bring home a dream vehicle may just have become a little more distant, with automobile manufacturers considering price increases to offset the impact of higher excise duty levied in the Union Budget.
Concerned over huge revenues in form of customs, services and excise duties locked up in litigations, Finance Minister Pranab Mukherjee has constituted a committee to suggest steps to bring down such cases.
Ford's compact SUV will challenge not only the entry-level utility vehicles but also the premium hatches and compact sedans.
Domestic passenger car sales declined by 18.56 per cent to 1,18,142 units in August 2012 compared to 1,45,066 units in the same month in 2011.
Garment manufacturers on Monday began their two-day strike, closing down their factories across India demanding rollback of 10 per cent excise duty imposed on branded apparel in Budget 2011-12.
India Inc believes that the FM has done a terrific job, but consumers may not have got their due.
Fearing large-scale excise duty evasion by pan masala and chewing tobacco units, the finance ministry has issued strict warning to the sector and told them to give details of the packing machines at their units.
FM to meet states on Feb 14, approve key decisions.
Petrol price on Thursday was cut by 16 paise per litre and diesel by 14 paise -- the fourth minor reduction in rates in three weeks that followed six months of relentless price increases. Petrol now costs Rs 90.40 per litre in Delhi, down from Rs 90.56, according to a price notification of state-owned fuel retailers. A litre of diesel comes for Rs 80.73 per litre as against Rs 80.87 previously.
An average Indian spends no more than Rs 1.3 lakh per year, according to official statistics. This is close to what an average Indian earns annually. At this level of per capita income today, one litre of petrol costs one-third of an average Indian's daily income (Delhi prices), making it highly unaffordable. People in most other Asian and emerging countries find it more affordable.
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
With the hatchbacks selling like hotcakes, almost every car manufacturer is keen to launch a hatch in India.
'While we note the very strong cyclical recovery in the economy, we believe there is still uncertainty over medium-term prospects.'
IOC urged the government to cut excise duty by Rs 8 (the current revenue loss) to Rs 6.78 per litre. It also demanded a cut in state-level taxes.
The Cabinet Committee on Prices is likely to ban exports of steel and steel products. The other measures being considered include levying an ad-valorem duty on iron ore exports and bringing down the excise duty on steel to 8% from the current level of 14%. Steel ministry is considering many steps to bring down steel prices. Also, reimbursement of service tax on foreign agents used by exporters will be further increased. Ban on exports is not the only solution, experts say.
The steel industry has proposed a slew of measures that will bring down prices by 12-15 per cent with immediate effect.
