On indirect tax front, the government will earn 21 paise from excise and customs.
The revenue department is examining the service tax on industry and service providers, particularly in the telecom sector, to ensure that there is no incidence of double taxation, an official of the department said.
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
The bench headed by Chief Justice of India TS Thakur said all existing licences of liquor shops on highways will not be renewed after March 31, 2017.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
The cigarettes segment had a revenue of Rs 4,554.21 crore during the second quarter of the current fiscal, as against Rs 8,528.47 crore in the year-ago period, down 46.56 per cent.
While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
Net profit at M&M and Mahindra Vehicle Manufacturing Ltd contracted to Rs 918 crore from Rs 1,238 crore a year ago while revenue and other income decreased to Rs 12,997 crore from Rs 13,551 crore a year ago.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
In a furious post on his blog, senior Bharatiya Janata Party leader Arun Jaitley on Tuesday slammed the Congress for allegedly using the Excise Department to impose a tax on the mammoth rallies addressed by the saffron party's prime ministerial candidate Narendra Modi.
Wants to end hostile relationship between I-T dept and taxpayers.
'Harassment' is the objective, not detention.
Analysts suggest making separate firms of tobacco, hotels and FMCG divisions
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
The government has slapped a notice of Rs 5 crore demand on trusts run by Ramdev in connection with alleged service tax evasion while organising their yoga camps.
Government has set indirect tax collection target of Rs 5.65 lakh crore for 2013-14
Finance Minister P Chidambaram is banking on the aspirations of people to own a swanky new mobile phone to boost the government's indirect tax revenue in the next financial year.
'If the current mood in North Block, headquarters of the finance ministry, is anything to go by, the government will now keep a closer watch on all kinds of schemes and projects undertaken by different central ministries. 'The next six months will determine which central schemes will have to be wound up and which ones will survive the axe,' says A K Bhattacharya.
'The BJP is scared it may lose the Delhi municipal elections where they have been in power for the last 15 years.'
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
P Gopakumar, Asst Commissioner of Customs & Central Excise, Indian Revenue Service, Bangalore suggests some useful strategies to crack Civil services mains.
Companies are ranked by total revenues.
A 14-member council of ministers was sworn in Patna by Governor Phagu Chauhan on Monday and the BJP bagged seven berths.
On a standalone basis which represents its domestic operations, the revenues dipped to Rs 12,481 crore as compared to the last year's Rs 12,954 crore.
Concerned over huge revenues in form of customs, services and excise duties locked up in litigations, Finance Minister Pranab Mukherjee has constituted a committee to suggest steps to bring down such cases.
Thackeray also said that while taking the decision, excise rules have not been touched and pubs and bars will close as usual at 1.30am.
The government Rs 20 lakh crore package includes Rs 1.7 lakh crore of fiscal stimulus announced in the first phase, Rs 5.6 lakh crore stimulus provided through various monetary policy measures and Rs 5.94 lakh crore through the second phase, implying Rs 6.70 lakh crore package is still to be announced.
In an online chat with readers on September 23, expert P Gopakumar, Asst Commissioner of Customs & Central Excise, Indian Revenue Service, Bangalore addressed reader queries related to cracking the Civil services exam 2011. For those who missed the live chat, here's the unedited transcript.
Indirect tax revenues rose marginally by 5.6 per cent in the April-October period to over Rs 2.85 lakh crore, mainly on account of increase in service tax and customs collections.
Under the GST regime, most manufactured goods will turn cheaper.
IOC urged the government to cut excise duty by Rs 8 (the current revenue loss) to Rs 6.78 per litre. It also demanded a cut in state-level taxes.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
Rediff Labs analyses the relationship between alcohol and revenue generated and reported drunken driving accidents.
