The finance minister has labelled about 65 per cent of the fuel excise revenue as cess, including the restructured road and infrastructure cess
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
Govt may further hike excise on petrol, diesel before Budget.
Chief Minister Arvind Kejriwal's unexpected announcement to resign after two days kicked up a strong buzz on Sunday over the names of his wife Sunita and his ministers Atishi and Gopal Rai as his possible replacement.
Higher input cost is likely to weigh on Auto sector's Q4 numbers.
If excise duties are revised upwards, it will affect the FMCG sector, which is witnessing sequential rise in its input costs.
Between April-June 2016-17, the additional excise duty mop up on these two products stood at Rs 17,692 crore.
The case relates to alleged wrong classification of mixed xylene
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.
Chief Minister-designate Atishi will be sworn in along with her new Council of ministers during a ceremony at the Raj Niwas on Saturday afternoon that will see Aam Aadmi Party form the government in Delhi for the fourth time in a row.
The AAP unanimously agreed to elect Atishi as the leader of Delhi AAP Legislative Party.
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
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.
The Aam Aadmi Party led by its chief minister designate Atishi staked claim to form a new government in Delhi on Tuesday shortly after Arvind Kejriwal resigned from the post, an effort seen as a bold gambit to seize the initiative ahead of assembly elections due in five months.
Kailash Gahlot, a key minister in the Aam Aadmi Party (AAP) government in Delhi, has resigned, potentially impacting the party's ambitious plan to roll out a Rs 1000 monthly honorarium scheme for women ahead of the Assembly polls in February. Gahlot, who represented the Jat-dominated Najafgarh constituency in West Delhi, cited several issues, including the "Sheeshmahal" controversy over his former official residence, the Delhi government's tussle with the Centre, and the failure to clean the Yamuna River, in his resignation letter. Delhi BJP leaders welcomed Gahlot's resignation, fueling speculation that he could join the party before the assembly polls. However, AAP leaders claimed Gahlot resigned due to pressure from central agencies, including the Enforcement Directorate, and that joining the BJP was his last option. Gahlot's resignation has sparked speculation about his future and the impact it will have on the AAP's electoral prospects.
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.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
The retail prices of petroleum products have moved broadly in line with, or somewhat more than, the rupee cost of oil imports.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
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.
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.
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.
Govt hikes excise duty on petrol, diesel to mop up Rs 2.5K-cr.
The factory gate duty on SUVs stands at the reduced rate of 24 per cent as against 30 per cent.
In the post-demonetisation phase, the govt's tax revenues have ended up soaring in November.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
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 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.
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.'
Asks to meet targets in the remaining seven weeks.
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.
While the surcharge on super-rich would help garner additional income of around Rs 12,000 crore this fiscal on the direct tax side.
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.
