Excise Duty

Excise Duty News

Excise duty on petrol was Rs 9.48 per litre, diesel Rs 3.56 when BJP came to power in 2014: Rameswar Teli to Parliament
Business

Excise duty on petrol was Rs 9.48 per litre, diesel Rs 3.56 when BJP came to power in 2014: Rameswar Teli to Parliament

Excise duty on petrol and diesel was cut by Rs 13 a litre and Rs 16, respectively, between November 2021 and May 2022, according to a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli

Excise duty on petrol was Rs 9.48 per litre, diesel Rs 3.56 in 2014: Union Minister Rameswar Teli
India

Excise duty on petrol was Rs 9.48 per litre, diesel Rs 3.56 in 2014: Union Minister Rameswar Teli

Excise duty on petrol and diesel was cut by Rs 13 a litre and Rs 16, respectively, between November 2021 and May 2022

Bengal to face Rs 1,141 crore revenue loss due to fuel price cut, says Mamata Banerjee
Politics

Bengal to face Rs 1,141 crore revenue loss due to fuel price cut, says Mamata Banerjee

The Centre has reduced excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 a litre, slashing prices of both to some extent. When central duties are cut, states also lose earnings

After Centre cuts excise duty, Maharashtra, Kerala, Rajasthan reduce VAT on petrol, diesel
India

After Centre cuts excise duty, Maharashtra, Kerala, Rajasthan reduce VAT on petrol, diesel

A source in the Goa government said the Pramod Sawant-led dispensation will not further reduce the VAT on petrol and diesel as it might hurt the economy

Fuel price cut: Nirmala Sitharaman rebuts Opposition flak, says move does not impact states' tax share
Business

Fuel price cut: Nirmala Sitharaman rebuts Opposition flak, says move does not impact states' tax share

This comes after former Union finance minister P Chidambaram and other Opposition leaders stated that the reduction in excise duty announced on Saturday evening would reduce the share of states in Central taxes

Tamil Nadu: AIADMK welcomes Centre's move on slashing excise duty on petrol and diesel
Politics

Tamil Nadu: AIADMK welcomes Centre's move on slashing excise duty on petrol and diesel

AIADMK Coordinator O Panneerselvam urged the MK Stalin-led DMK government to now implement its promise regarding slashing fuel rates, made ahead of the 2021 Assembly polls and further benefit the citizens

Excise duty cut on auto fuel: Petrol price slashed by Rs 8.69/ltr, diesel by Rs 7.05/ltr
India

Excise duty cut on auto fuel: Petrol price slashed by Rs 8.69/ltr, diesel by Rs 7.05/ltr

Finance minister Nirmala Sitharaman had also stated that the government will give Rs 200 per cylinder subsidy to the poor who got cooking gas connection under the Ujjwala scheme

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