The move will boost the government's revenue at a time when Delhi's economy is struggling in view of the Covid-induced lockdown that has been in place since April 19.
Petrol and diesel prices were hiked by 80 paise a litre each on Wednesday, taking the total increase in rates in 16 days to Rs 10 per litre.
Finance Minister Arun Jaitley on Wednesday said for the first time fiscal deficit target will be met without budgetary cuts.
Punjab Chief Minister Charanjit Singh Channi on Tuesday allocated portfolios to the new ministers, keeping 14 departments with himself and giving home affairs to deputy chief minister Sukhjinder Singh Randhawa and health to other deputy O P Soni.
The government has not given any concrete assurance on the rollback of excise duty.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
Tata Motors on Monday reported consolidated revenue (net of excise) at Rs 7,702.66 crore (Rs 77.02 billion), an increase of 42 per cent as against Rs 5,428.88 crore (Rs 54.28 billion) in Q2 FY06.
BJP-ruled Maharashtra levies 46.52 per cent VAT (47.64 per cent in Mumbai) on petrol, the highest in the country.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
Finance Ministry has asked excise and service tax officials to exercise caution while summoning CEOs and top functionaries of large firms or PSUs for probing any revenue cases.
Biggest culprit behind India's eroding tax base is excise
The BJP would want that by March 2022, when UP votes, the economy starts looking up and it heads into the polls with no other issue distracting from its main poll plank of the construction of the Ram temple in Ayodhya.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
A total of 829 candidates have qualified for civil services, including the Indian Administrative Service and the Indian Police Service, the Union Public Service Commission announced
The Bihar CM also said that those villages which will help in the campaign against liquor will be awarded.
Centre and state governments are steadily increasing excise duties and value-added tax
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
With this allocation of portfolios, the Sharad Pawar-led NCP has got most of the 'plum' ministries.
The United Progressive Alliance government had slashed excise duty by four percentage points across the board and service tax by two percentage points in stimulus packages of December and January to limit the impact of global downturn on the Indian economy. Excise duty in the 8-10 per cent slab is levied on most industrial goods. The corporate tax rate is 30 per cent.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The Central government is stuck between the devil and the deep blue sea as far as the runaway fuel prices are concerned.
While the Budget might have been a sentiment booster for the sector, firms with market dominance emerge as favourites.
Consensus seems a problem before the current session of Parliament ends.
The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
The Central Excise Department said it has slapped service tax of Rs 6 crore on the Preity Zinta co-owned KPH Dream Cricket, which is part owner of IPL franchise Kings XI Punjab.
The Directorate of Revenue Intelligence, the lead agency to check customs frauds and smuggling, has decided to post officers at India's Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal's Birgunj.
Finance Minister Arun Jaitley is keen to introduce a fair tax regime.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
In absolute terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 6.12 lakh crore during April-November 2017-18
The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
Excise duties on mobile phones to be 1% without CENVAT credit or 6% with CENVAT credit. This provision will have marginal impact on telcos.
10 per cent for those who earn up to Rs 30 lakh a year and 25 per cent for those who earn more, suggests T C A Srinivasa-Raghavan.
After the April-July fiscal deficit data was released on August 31, several analysts hinted that the government may need to go for cuts in capital expenditure to meet the fiscal deficit target.
It would perhaps make more sense if the finance ministry gave greater emphasis on the need for a similar exercise to phase out exemptions and concessions in indirect taxes like customs and excise.
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
Moody's expects tax to be lower than the multitude of taxes such as sales tax, excise duties, local taxes, and value-added taxes the automobile sector currently pays
