Beer to be allowed in certain offices in Haryana; other states allow its sale in stores and malls.
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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.
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.
It argued that the duty reduction will not lead to revenue loss for the government.
The government had set a budgetary target of over Rs 1.87 lakh crore for collection from customs duty in current fiscal
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
Jaitley said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore.
The government has set the indirect tax collection target for the current fiscal at Rs 3.92 lakh crore (Rs 3.92 trillion) and for direct taxes at Rs 5.32 lakh crore (Rs 5.32 trillion).
'We crossed Rs 1.7 trillion in three months this financial year.'
The government on Monday said the total tax revenue in 2011-12 would be up 18.50 per cent at Rs 9,32,439.88 crore, on the back of projected rise in revenue from taxes on income, services, customs and excise duties.
Without the handsome receipts from the sale of government equity in PSUs and sharp increases in excise revenues from oil, Mr Jaitley's fiscal consolidation drive would have become even more arduous, says A K Bhattacharya.
If the surge in tax collections is sustainable, the finance minister has the elbow room to shoot for a fiscal deficit
The very design of the GST will bring in revenue buoyancy.
The government on Saturday said it will earn an additional Rs 40,000 crore (Rs 400 billion) from the hike in excise and restoration of duties on petroleum products, while it will lose Rs 21,000 crore (Rs 210 billion) due to income tax sops.
Atishi will have a brief tenure in office as assembly elections in the national capital are due in February.
If there is no third wave of the pandemic, the fiscal position of the Centre and the states will be much better than budgeted for FY22 and the states may garner Rs 60,000 crore more in tax collections at Rs 8.27 lakh crore this fiscal year than they have budgeted, a report said. The report by SBI Research on Monday bases its optimism on GST collection so far this fiscal, which has been the best ever in spite of the fact that the two months bore the maximum brunt of the second wave -- with April setting a record Rs 1.41 lakh crore and May collection a tad low at Rs 1.03 lakh crore. The report also said overall government finances do not look overstretched as GST collections have continued to maintain pace so far and the additional fiscal impact arising from free vaccination and more food supplies will only be around Rs 28,512 crore.
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.
Petrol prices have been cut in small doses on 20 occasions.
The actor-turned-politician has been allotted Panchayat Raj and Rural Development, Environment, Forests, and Science and Technology portfolios.
The decision to deregulate the diesel prices is expected to bring the oil subsidy down Rs 15,000 crore (Rs 150 billion), the agency said, adding the ongoing correction in global crude prices will also result in sizable gains for the government.
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.
Urban markets account for the major share of total revenues.
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
All the details from the meetings of the Committee of Administrators (CoA) held on July 6 and on June 29
Portfolios were distributed 2 weeks after the MVA govt was sworn-in. Shiv Sena's Eknath Shinde will be home minister while NCP's Jayant Patil will be finance minister.
The government's revenue collection from central excise, service tax and customs is likely to fall short by Rs 15,000 crore (Rs 150 billion) from the target of Rs 2,68,000 crore (Rs 2,680 billion) set for the current fiscal due to continuation of the stimulus package, the CBEC said on Monday.
Corporate India will have to shell out an additional Rs 21,000 crore (Rs 210 billion) if the 2010-11 Budget increases the excise duty by 2 per cent.
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.
High drama was witnessed during the Himachal Pradesh Cabinet meeting on Saturday with ministers Jagat Negi and Rohit Thakur leaving midway following a 'heated debate' over policy decisions, sources said.
Petrol and diesel prices on Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
Shutting of stores had not stopped alcohol sales. On the contrary, it had increased black market operations and peddling of illicit hooch, which could cause death/serious injury.
India is the second largest buyer of Iranian crude, after China.
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
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.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
