The Uttar Pradesh excise department arrested climate activist Harjeet Singh for allegedly possessing excess liquor after the ED searched his premises in connection with a foreign exchange violation case. The ED is investigating the misuse of funds received from abroad and Singh's visits to Pakistan and Bangladesh.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
India's 18 largest states, accounting for over 90 per cent of the country's gross state domestic product (GSDP), are likely to record a marginal uptick in revenue growth to 7-9 per cent this year, from 6.6 per cent clocked in 2024-25 (FY25), rating agency Crisil said in a report on Tuesday. This growth, slower than the decadal average of about 10 per cent, would lift these states' cumulative revenue to around Rs 40 trillion in FY26 from Rs 37.26 trillion in FY25.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
Voters are weighing a stark trade-off -- between preserving a socially driven policy and reversing course to revive revenue, restore fiscal balance, and rein in the underground liquor economy.
Three laws passed in Parliament could boost central revenues, reshape GST cess flows, shift MGNREGA costs to states and create new budget headroom ahead of the 2026-2027 Union Budget, points out A K Bhattacharya.
India is poised to become the largest global scotch whisky market in value and volume terms over the next few years, fuelled by competitive intensity, premiumisation and economic growth, Scotch Whisky Association chief executive Mark Kent CMG has said.
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
A deepening payment paralysis in Telangana's liquor industry is beginning to choke manufacturing units and strain supplies, employment, and the broader investment landscape, industry bodies have warned, as unpaid dues accumulate to levels they describe as "unprecedented" and "severe".
The best course for the government at this time would be to tighten the seat belt a little more, without compromising on its investments in creating better infrastructure and giving a push to privatisation, points out A K Bhattacharya.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
Since items in the 12% category account for only about 5% of total GST, the additional boost to consumption may not be significant, points out M Govinda Rao.
Gujarat Chief Minister Bhupendra Patel allocated portfolios following a major cabinet reshuffle, with Harsh Sanghavi becoming Deputy CM and receiving Home and Industries. New ministers, including Rivaba Jadeja, were also assigned responsibilities.
Maharashtra Revenue Minister assures investigation into an alleged land deal involving a company linked to Deputy Chief Minister Ajit Pawar's son, Parth Pawar, after receiving a formal complaint.
The new excise policy, introduced in Delhi in November 2021, made sweeping changes to the city's liquor trade.
Indian Oil Corporation's (IOC's) Q2FY26 operating profit of 14,600 crore beat Street estimates and was up 16 per cent on a sequential basis. It surged 287 per cent over the year-ago quarter on account of an improved refining performance.
The government is likely to give a subsidy of Rs 30,000-35,000 crore to state-run oil companies - Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) - to compensate for losses incurred from selling LPG at below cost over the past 15 months, according to a senior official.
These changes certainly bring India's GST a lot closer to what an ideal GST would look like, points out Karan Bhasin.
A bench of Justices Sanjiv Khanna and SVN Bhatti, which reserved its verdict on two separate regular bail pleas of Sisodia in the corruption and money laundering cases, told the ED it cannot go by the assumption of bribe having been paid, and whatever protection an accused enjoys under law needs to be granted.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
As the election nears, political positions on prohibition are shifting.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
The oil sector has been quite lucky for the Modi government. It has often provided an opportunity to the government to mend its finances, notes A K Bhattacharya.
The report on the alleged liquor scam, a hot button issue in the run-up to the elections, claimed a loss of revenue to the tune of Rs 941.53 crore, saying timely permissions were not taken for opening the liquor vends in non-conforming municipal wards.
Govt had raised excise duty on petrol and diesel on Nov 12.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
The Centre is staring at a combined shortfall of up to Rs 1 trillion in excise and Customs revenues in the current financial year (FY23) compared to the Budget estimates (BE), mainly because of duty cuts on edible oil and petroleum products. The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February. "As excise duty collection is mainly driven by diesel volumes, we might see a clear gap in the level budgeted for FY23, following the reduction in cesses on petrol and diesel in May. We are expecting somewhere between Rs 80,000 crore and Rs 1 trillion dip in excise and customs duty collections," a senior government official told Business Standard.
The law officer said the money trail showed that Rs 45 crore "kickback" used in the Goa assembly elections came from four hawala routes.
As many as 379 cases of central excise duty evasion were registered in 2013-14.
The Enforcement Directorate on Wednesday told a Delhi court the investigation in the money laundering probe against Aam Aadmi Party leader Manish Sisodia in the alleged excise scam is at a "crucial' stage and it has found fresh evidence of his complicity.
A series of strikes at the country's largest carmaker Maruti Suzuki India's Manesar plant since June this year has resulted in excise revenue losses to the tune of nearly Rs 350 crore (Rs 3.50 billion) for the government, while the company has already suffered a hit of up to Rs 1,540 crore (Rs 15.40 billion).
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
The Supreme Court on Wednesday asked the Enforcement Directorate (ED) to explain why the political party (Aam Aadmi Party) which was allegedly the beneficiary of the Delhi Excise Policy 'scam', has not been made an accused in the money laundering case.
Deputy Chief Minister Manish Sisodia accused the Bharatiya Janata Party of using agencies like the CBI and Enforcement Directorate to threaten liquor licensees and excise officials but the BJP alleged that the AAP government's 'rushed' move was an 'admission of violations and corruption' and it was 'scared' of the CBI probe.
Atishi along with Saurabh Bharadwaj was inducted into the cabinet following the resignation of Manish Sisodia and Satyendar Jain after their arrest.
