'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Higher input cost is likely to weigh on Auto sector's Q4 numbers.
Between April-June 2016-17, the additional excise duty mop up on these two products stood at Rs 17,692 crore.
If excise duties are revised upwards, it will affect the FMCG sector, which is witnessing sequential rise in its input costs.
The case relates to alleged wrong classification of mixed xylene
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
That's a big change that was made possible due to corporate tax cuts. Corporation tax collection in FY22 will be lower than even the FY18 levels, reports
Delhi Chief Minister Arvind Kejriwal announced on Sunday that he would resign after two days and sought early polls in the national capital while vowing not to sit in the chief minister's chair till people give him a 'certificate of honesty'.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
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.
'We have now drastically simplified it, primarily to two rates in long-term capital gains: 20% and the applicable rates. Similarly, in short-term capital gains.' 'For listed shares, there is a slight increase, but for unlisted shares, where indexation benefits are removed, there is a reduction in rates, benefiting unlisted companies, venture capital firms, etc.' 'Similarly, in real estate, wherever returns are higher, the new structure is beneficial. In very few cases, returns are lower, and those are more of an exception.'
The government would take a hit of about Rs 6,000 crore (Rs 60 billion) this year if it rolls back the excise duty of Rs 1.5 per litre on diesel it levied last week.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
The retail prices of petroleum products have moved broadly in line with, or somewhat more than, the rupee cost of oil imports.
A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis.
The increases, which follow similar hikes in mid-November, seek to take advantage of a slump in world oil prices to shore up government revenues without stoking inflation.
The point made by sociologist M N Srinivas, that it represented a Sanskritic act that was linked to caste, is never raised in Indian debates and the disapproval of drink is almost universal, notes Aakar Patel.
Govt hikes excise duty on petrol, diesel to mop up Rs 2.5K-cr.
Atishi will have a brief tenure in office as assembly elections in the national capital are due in February.
In the post-demonetisation phase, the govt's tax revenues have ended up soaring in November.
The factory gate duty on SUVs stands at the reduced rate of 24 per cent as against 30 per cent.
Beer to be allowed in certain offices in Haryana; other states allow its sale in stores and malls.
The fall in international oil prices had resulted in six consecutive reduction in petrol prices since August and two in diesel in the last one month and there was possibility of another round of cuts this weekend.
'We crossed Rs 1.7 trillion in three months this financial year.'
The actor-turned-politician has been allotted Panchayat Raj and Rural Development, Environment, Forests, and Science and Technology portfolios.
Asks to meet targets in the remaining seven weeks.
Mahanagar Gas (MGL) has just hiked prices for compressed natural gas (CNG) and domestic piped natural gas (PNG) in the Mumbai Metro Area. The distributor raised prices by Rs 1.50 per kilogramme (kg) for CNG, bringing the price up to Rs 75 per kg, including taxes. Domestic PNG prices were hiked from Rs 1 per standard cubic meter (SCM) to Rs 48 per SCM, inclusive of taxes.
While the surcharge on super-rich would help garner additional income of around Rs 12,000 crore this fiscal on the direct tax side.
Petrol and diesel will cost Rs 2 a litre less from Wednesday after the first excise duty cut by the Modi government comes into effect.
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.
Maharashtra Deputy Chief Minister Ajit Pawar, who heads the Nationalist Congress Party, has said that helming the NCP away from the shadows of his uncle and founder Sharad Pawar after the split is a huge responsibility.
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.
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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.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
It argued that the duty reduction will not lead to revenue loss for the government.
