Petrol and diesel prices on Tuesday were cut for the third time within a week on the back of softening international oil prices. Petrol price was cut by 22 paise per litre and diesel by 23 paise per litre, according to a price notification of state-owned fuel retailers. Petrol now costs Rs 90.56 per litre in Delhi and a litre of diesel comes for Rs 80.87. Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT). In Mumbai, the petrol price was cut to Rs 96.98 a litre on Tuesday from Rs 97.19, while diesel rates were reduced to Rs 87.96 from Rs 88.20, the price notification showed.
Market expects FM to be selective in imposing levies in Budget FY12-13.
Market expects FM to be selective in imposing levies in Budget FY12-13.
They want govt to raise excise duty and service tax rates, cut subsidies.
Petrol and diesel prices were on Thursday cut for the second straight day as international oil prices cooled fell on prospects of speedy recovery in consumption getting clouded by second wave of COVID-19 cases. Petrol price was cut by 21 paise per litre and diesel by 20 paise, according to a price notification of state-owned fuel retailers. Petrol now costs Rs 90.78 per litre in Delhi and a litre of diesel comes for Rs 81.10.
The government has hiked diesel price by Rs 5 per litre, effective midnight tonight.
After witnessing a plethora of car launches in 2011, the Indian automobile industry is set to welcome some new models, reworked versions and new variants in the New Year.
Left parties on Monday opposed any increase in petrol and diesel prices in step with the hike in global oil prices and higher taxes, and asked the government to restructure duties to protect the consumers.
Textiles: Slaps mandatory excise duty on RMG and apparels with 40% abatement on MRP
Government wants to encourage manufacturing and selling of alternative fuel-based vehicles.
Almost half of the retail price of petrol of Rs 44.63 a litre in the national capital comprises taxes and duties, Minister of State for Petroleum and Natural Gas Jitin Prasada said.
The Finance Ministry should encourage local manufacturing of currency paper to check counterfeits and exempt its production from excise duty, a high level committee has said.
The current retail selling price of Rs 65.64 per litre in Delhi is short of actual cost by Rs 8.60 a litre.
Auto giants like Hyundai, Volkswagen and Nissan too will hike prices, even though no announcement has yet been made.
Though the annual light & sound show anchored by Finance Minister (called the budget) made a lot of sound but the light was not enough to show the way where the Indian economy is heading.
From the time he first rose to prominence during the movement against the then UPA government, Arvind Kejriwal has regularly grabbed headlines for his surprise moves and decisions. Here are 10 such instances.
Granting SCS to the state has been a long-pending demand of the JD-U supremo and Bihar chief minister Nitish Kumar, whose Bihar cabinet had even passed a resolution last year requesting the Centre to grant SCS to the state.
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
Customers want formats which have wide assortment, international products, and so on. Basically, it is an assortment play.
More than half of the retail selling price of petrol and one-third of the selling price of diesel is made up of central and state duties, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
The Centre's indirect tax collections grew by 16.2 per cent at Rs 1,53,988 crore (Rs 1539.88 billion) till January this fiscal from Rs 1,32,501 crore (Rs 1325.01 billion) during same period of 2004-05.
Four years after it launched the entry-level sedan Swift DZire, the country's largest car maker Maruti Suzuki India is bringing a shortened version of the car that will hit the market next month.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
Smart investors fine tune their investments as per the Budget announcements to make the best possible use of tax deductions and other sops.
The rise in material prices and excise duty is set to raise the prices of liquor brands across the country. According to officials of various companies, the brands will be costlier by 15-20 per cent from April.
Manufacturers Association of Information Technology on Tuesday demanded that excise duty should be halved to eight per cent to provide necessary tax incentive to the languishing sector.
Accelerated depreciation expires by September 2009 while funds under JNNURM for urban transport is available till June 2009; industry seeks these benefits for extended time period.
Domestic passenger car sales touched a record 189,008 units in February this year, a growth of 22.63 per cent vis-a-vis the figure for the same month of 2010, as customers advanced their purchases fearing a possible excise duty hike in the Budget.
Total sales of vehicles across categories registered 21.32 per cent growth to 13,70,932 units in February, 2011.
The day's strike is a protest at the Union Budget proposal of a 10 per cent excise duty on branded garments. Garment makers had observed a day's strike on Friday, saying it cost them Rs 130 crore (Rs 1.3 billion).
The textile ministry, in its Budget wish list, has recommended additional tax benefits and increased interest subsidy for exporters.
The 5per cent service tax (effectively on whole amount) on services on Private hospitals with 25 or more beds have central air-conditioning facilities and to diagnostic tests of all kinds make the health services costlier to the patients as the hospitals tend to pass the same to the patients.
We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
FMCG: Cut in excise duty on baby, clinical diapers, adult diapers and sanitary napkins.
Ahead of the Budget 2009-10, Textiles Minister Dayanidhi Maran on Friday said efforts will be made to provide fiscal relief, including service tax exemption, to textile exporters reeling under waning global demand.
With the Budget barely a week away, the Prime Minister's Economic Advisory Council on Monday made a case for withdrawing some of the tax incentives to the industry to put the economy back on track for fiscal consolidation.
Duty structure on oil will undergo changes, given the high prices and the significant quantities of imports.
