Excise Duty

Excise Duty News

Petrol and diesel prices remain unchanged on 20 Nov; check what you need to pay in your city
Business

Petrol and diesel prices remain unchanged on 20 Nov; check what you need to pay in your city

In New Delhi, price of diesel is at Rs 86.67 per litre and petrol rate is at Rs 103.97 per litre

Haryana Petroleum Dealers Association end strike over reduction of excise duty on fuel price
India

Haryana Petroleum Dealers Association end strike over reduction of excise duty on fuel price

The 24-hour strike began from 6:00 am Monday (15 November) and ended at 6:00 am on Tuesday.

Kerala government firm on decision not to reduce fuel tax
India

Kerala government firm on decision not to reduce fuel tax

While many other states had increased fuel tax and introduced cess during the COVID-19 period, Kerala had not done so considering the plight of struggling commoners, said state Finance Minister K N Balagopal

Cracking News: On eve of Diwali, Centre cuts excise duty on petrol by Rs 5, diesel Rs 10
Business

Cracking News: On eve of Diwali, Centre cuts excise duty on petrol by Rs 5, diesel Rs 10

The release said that states have also been urged to reduce VAT on petrol and diesel to give relief to consumers

Unpacking fine print of fuel pricing: Why blaming Modi government for rising energy cost is unfair
Business

Unpacking fine print of fuel pricing: Why blaming Modi government for rising energy cost is unfair

Like the Centre, states also need financial resources to fund their development programs and fuel taxes are an important source for them as well

Chidambaram dubs imposition of taxes on fuel as 'cruel' in times of distress; says govt must borrow to meet deficits
Business

Chidambaram dubs imposition of taxes on fuel as 'cruel' in times of distress; says govt must borrow to meet deficits

Governments must borrow to meet their deficits and not impose higher tax burdens when economic activity has ground to a halt amid the coronavirus pandemic, senior Congress leader P Chidambaram said on Wednesday after the Centre and the Delhi government hiked taxes on petroleum products

Oil marketing companies shares drop up to 13% post govt hikes excise duty on petrol, diesel
Business

Oil marketing companies shares drop up to 13% post govt hikes excise duty on petrol, diesel

Shares of oil marketing companies -- Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd -- on Wednesday plunged up to 13 percent, a day after a hike in excise duty on petrol and diesel

Govt to gain Rs 1.6 lakh cr additional revenues this fiscal from record excise duty hike on petrol, diesel
Business

Govt to gain Rs 1.6 lakh cr additional revenues this fiscal from record excise duty hike on petrol, diesel

The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on petrol and diesel, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to coronavirus lockdown

Maharashtra sells over 16 lakh litres of alcohol, nets Rs 62 cr revenue on Day 2, with just one-third shops open
Business

Maharashtra sells over 16 lakh litres of alcohol, nets Rs 62 cr revenue on Day 2, with just one-third shops open

The state has over 10,000 licensed shops that sell country liquor, IMFL, wine and beer of which merely 3,500 operated on Monday and Tuesday

Govt amends law to get powers to raise excise duty on petrol, diesel by Rs 8 per litre in future
Business

Govt amends law to get powers to raise excise duty on petrol, diesel by Rs 8 per litre in future

The government on Monday amended the law to get enabling powers to raise excise duty on petrol and diesel by Rs 8 per litre each in future

Govt tables notifications on excise duty, road cess rise on petrol, diesel by Rs 3 per per litre
Business

Govt tables notifications on excise duty, road cess rise on petrol, diesel by Rs 3 per per litre

Minister of State for Finance Anurag Singh Thakur on Monday tabled three notifications relating to increase in excise duty and road cess on petrol and diesel by Rs 3 per per litre, amidst uproar by opposition in Lok Sabha

Budget 2020: Cigarettes, imported products, furniture, footwear to become costlier; EVs, newsprint, sport goods to be cheaper
Business

Budget 2020: Cigarettes, imported products, furniture, footwear to become costlier; EVs, newsprint, sport goods to be cheaper

A large number of items including cigarettes, chewing tobacco along with imported products, like edible oils, fans, table, footwear, electric vehicles, tableware, kitchenware, toys and furniture are set to become more expensive due to hike in taxes proposed in the Union Budget for 2020-21

Budget 2020-21: Finance Ministry seeks suggestions for rationalising income tax, other duties
Business

Budget 2020-21: Finance Ministry seeks suggestions for rationalising income tax, other duties

In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations

Budget 2019 offers no big tax relief to middle-class taxpayer though Narendra Modi sets $5-tn economy vision
Business

Budget 2019 offers no big tax relief to middle-class taxpayer though Narendra Modi sets $5-tn economy vision

As far as the employment generation initiatives are concerned, tax concessions to businesses surrounding, setting up of more workplaces and factories have always been a favoured option to create employment opportunities.

RBI governor Shaktikanta Das says central bank to discuss issuance of sovereign bonds with govt
Business

RBI governor Shaktikanta Das says central bank to discuss issuance of sovereign bonds with govt

Shaktikanta Das said the Budget provision of Rs 70,000 crore towards bank capitalisation is a very positive development

Liquor prices soar in Rajasthan as state hikes excise duty, provision not applicable to defence personnel
India

Liquor prices soar in Rajasthan as state hikes excise duty, provision not applicable to defence personnel

Liquor will cost more in Rajasthan as the state government hiked the excise duty on the Indian-made foreign liquor (IMFL) and liquor by 20 percent and 35 percent, respectively.

Godrej Agrovet Q4 net profit up 8% at Rs 34.7 crore; withdraws scheme for amalgamation with Astec Lifesciences
Business

Godrej Agrovet Q4 net profit up 8% at Rs 34.7 crore; withdraws scheme for amalgamation with Astec Lifesciences

The Godrej Agrovet board has recommended a final dividend of Rs 4.5 per share on the face value of Rs 10 each

Direct tax collection exceeds target in FY19, pegged at Rs 13.80 lakh cr in FY20; mop-up from customs crosses target
Business

Direct tax collection exceeds target in FY19, pegged at Rs 13.80 lakh cr in FY20; mop-up from customs crosses target

As per the 2019-20 Budget estimates, out of the Rs 13.80 lakh crore direct taxes, the government aims to raise Rs 7.60 lakh crore from corporate tax and Rs 6.20 lakh crore from PIT.

Fiscal deficit target of 3.3% for 2018-19 could be a challenge, likely to be breached, say experts
Business

Fiscal deficit target of 3.3% for 2018-19 could be a challenge, likely to be breached, say experts

Government's fiscal deficit touched 114.8% of the full-year estimates at the end of November

GST, excise, service tax evasion of Rs 48,555 cr detected during April-December
Business

GST, excise, service tax evasion of Rs 48,555 cr detected during April-December

GST, central excise and service tax evasion detected during the April-December period of the current financial year stood at Rs 48,555 crore, the highest in two years.