The revenue from customs, excise and service tax, which make up the indirect taxes, during the April-June quarter of 2010-11 fiscal stood at Rs 56,930.15 crore (Rs 569.3 billion), up from Rs 39,693.78 crore (Rs 396.93 billion) in the year-ago period, a finance ministry official told PTI.
The Central Board of Excise and Customs (CBEC) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
For every rupee in government kitty, as much as one-fourth will come from market borrowing in 2014-15 while 20 paise would be spent towards interest payment.
The Finance Ministry has told industry it should not expect any major fiscal sops in the Budget to be presented by the new UPA government, which has a limited headroom for giveaways due to the economic slowdown.
Total collection of indirect taxes -- excise, customs and service tax -- stood at about Rs 3,55,003 crore (Rs 3,550.03 billion) during the first nine months of 2013-14 as against Rs 3,34,309 crore (Rs 3,343.09 billion) in the year-ago period, sources in the Finance Ministry said.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
Private and public sector oil firms have opposed levy of five per cent customs duty on crude saying this would make import of products like jet fuel cheaper than manufacturing them in the country.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
Almost 70 per cent of alcohol distribution in India happens through liquor vends or shops, while 30 per cent happens on-premise, that is, in bars, pubs, and hotels.
Financials declined amid profit taking while energy shares fell after the government hiked excise duty on transport fuels.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
"Yoga is a natural treatment process but liquor addicts cannot perform it. Yoga would be irrelevant unless a ban is imposed on sale of liquor across the country," the Bihar CM said at meeting in Palamau district.
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
The world economic downturn, a slowing economy and stimulus packages by way tax cuts have all brought the government's indirect tax collections in the first four months of this fiscal down by 28 per cent as compared to last year's revenue during the same period.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
A pick-up in low-cost cigarette consumption helped India's largest cigarette maker boost margins
The reason for the largesse, a first in the revenue department, is on account of direct and indirect tax collections exceeding the target (Budget estimate) for 2006-07. Total revenue collections stood at Rs 470,987 crore (Rs 4,709.87 billion) for the year, against the targeted Rs 439,952 crore (Rs 4399.52 billion).
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Tasked with gathering over Rs 6,87,715 crore (or nearly $168 billion) as revenue receipts in 2008-09, the two agencies the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) will be headed by a succession of bureaucrats with unusually short tenures.
Rain gods may be kinder; revenue collections going up: Jaitley
Kerala Chief Minister Oommen Chandy said the assemble elections results were "a setback".
The revenue department is expected to release two circulars mentioning details of all 100 services under the service tax net and related procedures in a simplified manner by mid-June.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
Record sugar output has also yielded molasses production way beyond market demand and plant capacity of state distilleries and country made liquor units
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
BCCI ACU chief calls for match-fixing law, legalised betting to contain corruption
Contribution of the service sector in the GDP is 56 per cent but the share of the service tax in the GDP is just 1.1 per cent, Chairman of Central Board of Excise and Customes P C Jha said in a interaction meeting organised bythe Bangalore Chamber of Industry and Commerce on Friday night.
UK-based British Airways has been slapped a service tax notice by the Revenue Department asking it to pay the balance of Rs 143.5 crore (Rs 1.44 billion) liability on sale of tickets in India between May 2006 and November 2007.
If purists are surprised as to why and how people are not demanding prohibition or not talking about past promises, both in the election manifestos five years back and even those made to the courts, the answer lies in how the state has been evolving and changing these past few years, says N Sathiya Moorthy.
In a Q&A with Doordarshan, Jaitley discusses how he chose the areas on which he would spend more.
Telangana Chief Minister K Chandrasekhar Rao on Monday appointed 2 deputy CMs besides allocating portfolios.
The country's fiscal deficit, as a percentage of GDP, would be wiped out if the crude oil price, as measured with the Indian basket, touch $80 per barrel.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
Fearing large-scale excise duty evasion by pan masala and chewing tobacco units, the finance ministry has issued strict warning to the sector and told them to give details of the packing machines at their units.
The government's dependence on debt has come down from 27 paise in the previous Budget to 25 paise in the coming year, reflecting ease of pressure on revenue collections.
After today's reduction, petrol price has been cut by Rs 12.27 per litre cumulatively since August.
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