Page 13 - Excise Duty

Centre to hike excise duty on petrol and diesel by Rs 8 per litre each

The digital tax at the rate of 2% may particularly come as a setback to Chinese e-commerce players like AliExpress, Shein, and Club Factory selling in India

Govt amends law to get power to hike tax on petrol, diesel by Rs 8 per ltr

The amendment along with the Finance Bill was passed without a debate in the Lok Sabha

Petrol, diesel prices cut for a third straight day as crude oil softens 5%

Delhi has the lowest fuel prices among metros because of lower state taxes

Instead of heeding my advice, our 'genius' hiked excise duty on fuel: Rahul

Taking a dig at Prime Minister Narendra Modi, Congress leader Rahul Gandhi on Sunday said he had asked the PM to to pass on the benefit of the global oil price crash to Indian consumers, but instead "our genius" hiked excise duty on fuel. His jibe at the prime minister came a day after the government hiked excise duty on petrol and diesel by a steep Rs 3 per litre each to garner about Rs 39,000 crore additional revenue. "Just 3 days ago I had requested @PMOIndia to pass on the benefit of the global oil price crash to Indian consumers, by slashing the prices of petrol & diesel in India. Instead of heeding this advice, our genius has gone and hiked #exciseduty on fuel!" Gandhi tweeted. He also tagged a video of a press conference in which Finance Minister Nirmala Sitharaman purportedly avoids answering a question on why government has not passed on the benefits of the global oil crash to the people. The former Congress president on Wednesday had accused Prime Minister Modi of being .

Excise duty on petrol, diesel up by Rs 3 per litre as oil prices decline

Special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre and to Rs 4 in case of diesel

Coronavirus outbreak may delay roll-out of Vivad se Vishwas scheme

Disputes relating to wealth, securities transactions, commodities transaction tax, and the equalisation levy are not covered under the scheme.

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%

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

Centre considering specific excise duty on aviation fuel to curb volatility

Finance Minister Nirmala Sitharaman will present her second budget on February 1.

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

Every Re 1 cut in excise duty on fuel to cost govt Rs 130 bn, says Moody's

Rating agency Moody's has sounded a note of caution that any reduction in excise duty on petrol and diesel would adversely affect fiscal deficit unless it is matched by a commensurate cut in expenditure. 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. According to government estimates, every rupee cut in excise duty on petrol and diesel will result in a revenue loss of about Rs 13,000 crore. Observing that fiscal consolidation would be closely watched for assigning the sovereign rating, Moody's said India's biggest challenge is its fiscal strength which is relatively low as compared to 'Baa' rated peers. "Any reduction in revenues, including through the excise duty on petroleum and diesel, would most likely need to be offset by a comparable reduction in expenditure in order to achieve fiscal consolidation," Moody's Investors Service VP &

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

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

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

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

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

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 value chain activity halted with new duties, strike

There is a lack of demand for refined gold after the 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