Finance Minister Pranab Mukherjee on Monday retained the rate of standard excise duty at 10 per cent in the Budget for 2011-12, giving a little respite to industry, which feared a rollback of stimulus measures.
ITC reported a 6.1 per cent year-on-year growth in its consolidated adjusted net profit from continuing operations, reaching ~5,469.74 crore in the January-March quarter (Q4FY26), primarily fuelled by strong performances in its cigarettes and non-cigarette fast-moving consumer goods (FMCG) businesses.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
Most of the bullion markets and jewellery showrooms remained closed in major cities.
The international crude oil price of Indian Basket was $60.10 (Rs 3,765.27) per barrel on December 15, down from $60.58 (3,782.62) per bbl on December 12.
Urban markets account for the major share of total revenues.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
Petroleum Minister Ram Naik is likely to meet Finance Minister Jaswant Singh on January 30 to seek excise duty cut on petroleum products in view of excessive volatility in international crude oil prices.\n\n\n\n
The auto industry body has been lobbying hard with the government for extension of the reduced excise rates.
The strike entered the 15th day on Wednesday.
While there is widespread expectation that excise duty is likely to be raised on revenue considerations, the fast moving consumer goods (FMCG) sector pleads for retaining them at current levels to spur demand.
The World Bank has increased India's economic growth projection for FY27 to 6.6 per cent, citing resilient domestic demand, while simultaneously cutting its global economic growth outlook due to the conflict in West Asia.
"There is a lot of opposition from the garment industry, but we are not in favour of a complete rollback of the duty. We understand their concerns and will try to address these. We may simplify some procedures for them," said a finance ministry official.
The Indian government is set to accelerate reforms, including measures to enhance foreign direct investment, speed up divestment, and boost asset monetisation, to maintain economic growth despite rising fuel and fertiliser import costs driven by the West Asia crisis.
Finance Minister Arun Jaitley in the Budget for 2016-17 had proposed 1 per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery.
Concerned over the downturn in the automobile industry, Heavy Industries Minister Vilasrao Deshmukh has asked the Finance Minister to cut excise duty on big passenger cars by more than half to 8 per cent.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
Excise duty on drugs likely to be halved
The case relates to alleged wrong classification of mixed xylene
As many as 379 cases of central excise duty evasion were registered in 2013-14.
Higher input cost is likely to weigh on Auto sector's Q4 numbers.
The fall in cement prices and improving demand together add cream to the cement product sector, who seek status quo on excise duty and service taxes.
.jpg)
The government on Tuesday raised excise duty on petrol by Rs 2.25 per litre and by Re 1 a litre on diesel but retail pump rates will not be increased as oil firms decided to absorb the duty change for the time being.
The reopening of the Strait of Hormuz, following a ceasefire agreement between the US and Iran, is expected to significantly ease India's crude oil supply risks, lower freight costs, and reduce inflationary pressures, as global oil prices have already dropped.
It argued that the duty reduction will not lead to revenue loss for the government.
The Indian Textile Industry is currently one of the largest and most important industries in the Indian economy in terms of output, foreign exchange earnings and employment.
Oil Minister S Jaipal Reddy has written to Finance Minister Pranab Mukherjee demanding a hike in excise duty on diesel cars to make up for subsidised fuel being used in vehicles.
The Indian government has increased measures to secure fuel and gas supplies following the Strait of Hormuz closure, urging citizens to avoid panic buying. Refineries are operating at high capacity, and sufficient stocks of petrol and diesel are available nationwide.
Passenger Vehicle sector seeks cut in excise duty on large cars too, and to reduce interest on auto loans to boost demand
The hike in excise duty has only added on to their woes. However, with nil action on diesel vehicles, the demand for passenger vehicles will be strongly skewed.
Announcement of an increase in prices will dampen the affordable housing business at a time when realtors already face razor-thin margins.
Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
Govt hikes excise duty on petrol, diesel to mop up Rs 2.5K-cr.
The Supreme Court held that Pepsi Foods was liable to pay duty to the government from the royalty it collected from bottlers for using the brand name "Lehar" in addition to the excise duty it pays on the income from sale of the beverage concentrate.
In the wake of recent hike in airline fares owing to rise in aviation turbine fuel prices, the Civil Aviation Minister Praful Patel on Thursday met Union Finance Minister P Chidambaram and sought reduction in excise duty on the fuel in the Budget.
The Comptroller and Auditor General (CAG) of India has criticized the Maharashtra state excise department for operational lapses that led to a significant revenue shortfall. The report cites incorrect fee assessments, failure to implement revised rates, and other irregularities.
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
Govt had raised excise duty on petrol and diesel on Nov 12.
