Page 13 - Excise Duty

'FTP benefits are available against settlement of claims by ECGC'

Expert answers readers' SME queries related to excise, VAT and exim policy

Siddaramaiah slams Centre, questions heavy excise duty on petrol and diesel

Siddaramaiah claimed the basic value of petrol and diesel per litre is Rs 32.94 and Rs 34.10 respectively

State OMCs spent Rs 1.96 trillion in excise duty in April-December FY21

Excise duty payment by OMCs rises 66% YoY, despite 30% decline in net sales

No cut in excise duty on petrol, diesel: FM Nirmala Sitharaman

Sitharaman ignored calls for a reduction in excise duty rates to help bring down prices from historic high levels.

Beyond Budget Headlines: Oil sector may come to the govt's rescue this year

Every Budget has something to offer for the oil sector. Oil prices have been rising because of global demand amid a stringent environment of regulations. So, what is Budget 2021 going to do for the oil sector? Boosting revenue collection will be a challenge if oil prices rise and the government has to roll back excise duty hikes, says our in-house policy expert A K Bhattacharya. He also points out that the disinvestment revenue that can be mobilised from the oil sector will be a key factor for Budget. In the seventh episode of Beyond Budget Headlines with AKB, Business Standard’s special video series in the run-up to Budget 2021, we also discuss the expenditure side challenges to the Budget, how to boost foreign investment, and opportunities in Budget to boost jobs and growth.

Excise duty collection jumps 48% this fiscal on record hike in fuel taxes

While the pandemic pummelled tax collection across the board, excise duty mop-up jumped 48 per cent in the current fiscal on the back of a record increase in taxes on petrol and diesel

Excise duty mop-up grows 34% in H1; overall revenue collection down 22%

Overall revenue collection down 22% in Apr-Sept

ITC shares fall 6% amid concerns on stake sale, possible tax hikes

Shares of Axis Bank also fell as much as 5.4 per cent, but recouped most of the losses to end just 0.2 per cent lower

UP, Karnataka, TN hike duty on liquor as buffer for Covid-19 loss

UP govt also raises tax on petrol and diesel

OMC earnings to take 10-27% hit as govt raises duties, bars fuel price hike

Marketing margins to be squeezed by 64%; companies did not pass on the benefits of lower global petroleum prices to consumers

With record excise duty hike on fuel, Modi govt may gain Rs 1.6 trn in FY21

Together with Rs 39,000 crore in annual revenues gained from the March 14 excise duty hike of Rs 3 per litre each on petrol and diesel, the government stands to gain as much as Rs 2 trillion

Petrol, diesel excise hike can add Rs 1.4 trn to govt's coffers: Barclays

Apart from the increase in central government taxes, several states and union territories, including Delhi, Haryana, Assam, Punjab, also have raised the state tax on fuel

OMCs tank as govt raises excise duty on petrol, diesel; HPCL, BPCL dip 10%

The price hike will be absorbed by oil marketing companies against the fall in crude prices.

Centre raises excise duty on petrol by Rs 10 per litre, diesel by Rs 13

No change in retail prices as oil marketing firms to absorb increase

Petrol, diesel get costlier as Delhi govt hikes VAT amid Covid-19 lockdown

Following the revision, the price of petrol in Delhi increased by Rs 1.67 to Rs 71.26 a litre and diesel by Rs 7.10 to Rs 69.29.

Andhra hikes liquor prices twice in the trot as queues expand at stores

25% hike yesterday, another 50% today, both in the form of additional retail excise tax

Minting money: States earned Rs 1.75 trillion from sale of alcohol in FY20

It was their third-largest source of revenue after GST and sales tax or value-added tax

With liquor shops open, UP expects to recoup part of average excise mop-up

The UP government expects to recoup at least part of its average excise mop-up of nearly Rs 100 crore daily till the time the restrictions are removed

DGS has to take a call on waiving detention charges

The CBIC has also instructed field formations to make special efforts to dispose of all pending refund and drawback claims through a "special refund and drawback disposal drive"

Provide list of retail vend of liquor in public sector:Delhi to Excise dept

Delhi government has asked to conform to the criteria prescribed by the Union Ministry of Home Affairs