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Monday, July 13, 2020

excise duty

EXCISE DUTY NEWS

Covid cess of 5% and excise duties hiked by 12%

May 22, 2020 4:47 pm

According to the notification, the five per cent Covid cess will be levied on the minimum retail price.

Excise duty on petrol, diesel hiked by Rs 3/litre

March 15, 2020 7:36 am

The increase is expected to push up petrol and diesel prices, which have fallen by about Rs 2 per litre each since late February. Post the hike, the total excise duty on petrol has risen to Rs 22.98 per litre and that on diesel has risen to Rs 18.83 per litre.

Govt refuses recall of 1% excise duty on jewellery

April 28, 2016 7:40 pm

Jaitley said the UPA government had imposed taxes on jewellery in 2005 but had recalled it in 2009 in the face of stiff opposition. It again imposed it in 2012 but recalled the same again.

CityBiz: Excise collections soar on higher duty on petrol, diesel products

March 19, 2016 12:40 am

“We have collected Rs 38,996 crore from petroleum, oils and lubricants; and Rs 9,838 crore from non-oil products from the region at the end of February,” Varshney said.

Excise duty is strangling jewellers: CM Kejriwal writes to Modi

March 18, 2016 2:36 am

“This is why people are surprised as to why you are levying the duty now which you were opposed to while in the opposition in 2012. These jewellers are feeling cheated,” Kejriwal said in the letter.

Excise duty row: Taxmen seek to clear ‘doubts’ of jewellers

March 16, 2016 1:59 am

The jewellers continued their strike against introduction of excise duty on gold ornaments for the 15th day

Chandigarh excise dept begins auction of liquor vends

March 13, 2016 9:59 am

In the new excise policy, the administration has increased the minimum retail sale price of Indian Made Foreign Liquor (IMFL) under different categories, thus pushing the rates upto 20%.

Excise duty hiked on petrol by Re 1/litre, on diesel by Rs 1.5/litre

January 30, 2016 9:29 pm

The hike will not result in any increase in retail selling price of the two fuels as it would adjust against the reduction in rates that may have been possible because of the slide in international oil prices.

European curbs may play spoilsport for leather exporters

March 22, 2015 1:18 am

The total export value had been amounted to $2.49 billion for the year 2013-14.

Carmakers hike prices after withdrawal of sops

January 07, 2015 3:08 am

Leading carmaker Maruti Suzuki announced to hike its prices between Rs 7,850 for Omni and Rs 31,600.

EXCISE DUTY VIDEOS

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 3)

February 29, 2016 4:47 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 1)

February 29, 2016 4:45 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.