Page 9 - Latest Updates on Excise Duty
Diesel export falls 11%, petrol 4.5% in July on levy of windfall profit tax
India's diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed
 "Diesel export falls 11%, petrol 4.5% in July on levy of windfall profit tax")
Providing HSN code responsibility of bidder, not tendering authority: SC
Apex court says it is the bidders' responsibility to find out the relevant HSN code
 "Providing HSN code responsibility of bidder, not tendering authority: SC")
AAP ignored excise policy violations, expert committee recommendations: BJP
BJP stepped up attack on the AAP, claiming its government in Delhi ignored the violations of the excise policy and recommendations of an expert committee
 "AAP ignored excise policy violations, expert committee recommendations: BJP")
SC dismissal of review petition on HSN codes setback for industry
Auto component industry may have to pay up to 15% basic Customs duty and 28% GST
 "SC dismissal of review petition on HSN codes setback for industry")
Kejriwal kingpin of excise policy scam, handcuffs getting close to him: BJP
The BJP alleged Delhi CM Arvind Kejriwal is the "kingpin" of the excise policy "scam" and said handcuffs are getting close to him as nodes of corruption are being unravelled
 "Kejriwal kingpin of excise policy scam, handcuffs getting close to him: BJP")
CBI issues summons to some accused in Delhi excise policy 'corruption' case
The officials said once the process of examining the documents and electronic gadgets as well as the bank transactions is completed, summonses will be issued to other accused.
 "CBI issues summons to some accused in Delhi excise policy 'corruption' case")
CBI raids Manish Sisodia's house; 'We welcome them', says CM Kejriwal
Sisodia took to Twitter to announce the raid and said he will cooperate with the probe so that the truth comes out soon
 "CBI raids Manish Sisodia's house; 'We welcome them', says CM Kejriwal")
Centre planning to further cut windfall tax on crude, diesel: Report
The government is expected to review the new taxes, imposed on July 1, for the third time soon,
 "Centre planning to further cut windfall tax on crude, diesel: Report")
Amid robust tax growth, customs and excise duties decline over 10% in Q1
Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23
 "Amid robust tax growth, customs and excise duties decline over 10% in Q1")
Excise duty on petrol was Rs 9.48/ltr, diesel Rs 3.56 in 2014: Minister
Excise duty on petrol was Rs 9.48 per litre and Rs 3.56 on diesel when BJP came to power in 2014 before it rose to a record Rs 32.98 and Rs 31.83, respectively, in May 2020, Parliament was informed
 "Excise duty on petrol was Rs 9.48/ltr, diesel Rs 3.56 in 2014: Minister")
Fall in Delhi govt's excise revenue 'inexplicable' as sales rise: Report
The excise revenue of the Delhi government in the first quarter of the current fiscal year remained flat compared to 2019-20 despite a steep rise in whiskey and wine sales
Amid CBI probe, Delhi excise policy may be extended by two months
The ongoing Delhi Excise Policy, which has been shrouded with much controversy, is likely to be extended by two more months as it expires on July 31.
Govt issues corrigendum to withdraw excise on ATF for international flights
Indian Oil had begun levying 11% duty following a govt notification; ATF accounts for 40% of an airline's operating expenses
 "Govt issues corrigendum to withdraw excise on ATF for international flights")
PSUs face further investment apathy; privatisation may struggle: Analysts
The bulk of the earnings reduction over the past two months for the Nifty-50 index, according to KIE, has come from the government's decision to levy new taxes
 "PSUs face further investment apathy; privatisation may struggle: Analysts")
Our expansion plans will take a hit due to ATF duty, say airlines
Say the move will make international flights uncompetitive, seek rollback
 "Our expansion plans will take a hit due to ATF duty, say airlines")
Fuel exports rise in FY23; refiners stay healthy despite addl excise
Hike in excise duty on fuel was imposed after private refiners made a killing exporting the dirt cheap Russian fuel available to them at elevated prices
 "Fuel exports rise in FY23; refiners stay healthy despite addl excise")
Windfall tax to recoup most of Rs 1 trillion revenue lost in excise cuts
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue lost when it cut excise duty on fuel, industry sources said
 "Windfall tax to recoup most of Rs 1 trillion revenue lost in excise cuts")
Petrol export duty: Will RIL shares fall more after Friday's 9% slide?
The bias for Reliance remains positive, with strong support seen at the 50-WMA, below which the next significant support is at Rs 2,350.
 "Petrol export duty: Will RIL shares fall more after Friday's 9% slide?")
How Delhi's new excise policy sinks spirits of private liquor retailers
The new excise policy of the state government had allowed the entry of private liquor retailers for the first time
 "How Delhi's new excise policy sinks spirits of private liquor retailers")
States gained Rs 49k crore when fuel prices rose, have room to cut VAT: SBI
States gained Rs 49,229 crore from VAT revenue on fuel when oil prices were increasing and will forego Rs 15,021 crore now that excise duty on fuel has been cut, SBI Research said in a report
 "States gained Rs 49k crore when fuel prices rose, have room to cut VAT: SBI")