Page 14 - Latest Updates on Excise Duty
Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more
The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%
 "Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more")
GST, VAT collection dips as 6 states' tax revenue till November FY20 falls
On the other hand, tax revenues rose 13.44 per cent for West Bengal in this period
 "GST, VAT collection dips as 6 states' tax revenue till November FY20 falls")
Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes
The ministry, as per the sources, has also recommended to the Finance Ministry that purchase of cigarette cartons at duty-free shops should be prohibited
 "Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes")
Centre considering specific excise duty on aviation fuel to curb volatility
Finance Minister Nirmala Sitharaman will present her second budget on February 1.
 "Centre considering specific excise duty on aviation fuel to curb volatility")
Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap
Removal of duty on ferro-nickel and stainless steel scrap is a long standing demand and the Ministry of Steel has also at times batted for zero duty on these items.
 "Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap")
Budget 2019: Higher excise, cess raise fuel prices by Rs 2 per litre
Crude prices have fallen from around $71.34 a barrel in 2018 to $66 a barrel this year
 "Budget 2019: Higher excise, cess raise fuel prices by Rs 2 per litre")
Every Re 1 cut in excise duty on fuel to cost govt Rs 130 bn, says Moody's
Pressure has been mounting on the government to cut excise duty on petrol and diesel to bring down their prices which have gone up following a spike in crude prices in the international market
 "Every Re 1 cut in excise duty on fuel to cost govt Rs 130 bn, says Moody's")
Excise duty on fuel may be cut by Rs 1-1.5 to ease retail prices of petrol
The government is better placed to consider a cut in the new fiscal year. A reduction now will not impact the fiscal deficit numbers for 2017-18, expected to be 3.4%
Government doubles excise duty evasion limit to warrant arrest
Arrest and prosecution of a person can be resorted only if the evasion is equal to or more than Rs 2 cr
 "Government doubles excise duty evasion limit to warrant arrest")
States await big share from excise on oil products
Excise duty on oil products contributed as much as 63 per cent of the total excise mop-up in the last FY
 "States await big share from excise on oil products")
Garment retailers shift from MRP to 'fixed price' regime
Move aimed at avoiding paying excise duty for garments priced at Rs 1,000 and above
 "Garment retailers shift from MRP to 'fixed price' regime")
Excise duty impact: Garment retailers shift to "fixed price" regime from MRP
Discounts on garments may be things of the past, once existing stocks exhaust
 "Excise duty impact: Garment retailers shift to \"fixed price\" regime from MRP")
FM Jaitley rules out rollback of excise duty on jewellery
Ever since the levy of 1% cess on non-silver jewellery was announced in the Budget, there have been protests by jewellers and demands for rollback by MPs
 "FM Jaitley rules out rollback of excise duty on jewellery")
Gold jewellery manufacturing industry to undergo structural changes
As jewelers returns to normalcy after a prolonged strike of over 40 days excise duty on jewellery is a certainty
 "Gold jewellery manufacturing industry to undergo structural changes")
Gold value chain activity halted with new duties, strike
There is a lack of demand for refined gold after the strike
 "Gold value chain activity halted with new duties, strike")
Excise on jewellery will crush small businessmen: Rahul Gandhi
The Congress vice president said that the idea of 'Make in India' is to throttle small businesses through excise
 "Excise on jewellery will crush small businessmen: Rahul Gandhi")
Jewellers continue stir over excise levy
Govt imposes Section 144 in Zaveri Bazaar to stop traders' rally
 "Jewellers continue stir over excise levy")
Jewellers to continue strike, despite assurance of no inspector raj
The Budget proposed a nominal excise duty of 1% without input tax credit and 12.5% with input tax credit on articles of jewellery
 "Jewellers to continue strike, despite assurance of no inspector raj")