While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
'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.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
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.
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
Analysts suggest making separate firms of tobacco, hotels and FMCG divisions
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
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.
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
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
A 14-member council of ministers was sworn in Patna by Governor Phagu Chauhan on Monday and the BJP bagged seven berths.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
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.
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.
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.
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.
Under the GST regime, most manufactured goods will turn cheaper.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
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.
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.
A road map could be laid out for a gradual reduction in the tax rates from the current incidence of about 62-94 per cent without causing a major blow to the revenues of the Centre and the states. The opportunity arising out of higher GST collections should not be squandered, says A K Bhattacharya.
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
According to a calculation by the government, India's airlines currently have 633 aircraft of which they may operate only 200.
A foreign national has been arrested by Pakistani security agencies in connection with the car bomb blast outside the house of the 2008 Mumbai terror attack mastermind and chief of the banned Jamat-ud-Dawa (JuD) Hafiz Saeed in Lahore, according to media reports.
Rediff Labs analyses the relationship between alcohol and revenue generated and reported drunken driving accidents.
The government's plan to mop-up additional revenue from indirect tax may not materialise
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
The government has also hiked excise duty by 11 percent, which is in addition to the 6 per cent that was announced in the budget, he said.
The chief minister, who had on Wednesday expanded his new cabinet by inducting 29 ministers, had played it safe by and large retaining old faces, as 23 of them were Ministers in the previous Yediyurappa cabinet, while six were new.
Vagela could not have reached this position if Narendra Modi, who'd known him from his chief minister days, had not backed the choice.
While most experts suggest the government loosen its purse strings and not worry about the fiscal deficit in a pandemic impacted year, it will be a tightrope walk for the government to increase spending without going overboard.
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
