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excise duty

EXCISE DUTY NEWS

Decision on excise duty cut on petrol, diesel when time comes: CBIC chairman

April 13, 2021 4:42 pm

Record excise duty on petrol and diesel helped indirect tax collections rise by more than 59 per cent in the fiscal year ended March 31 (2020-21) when compared to the previous year.

Indirect tax revenue up 12% at Rs 10.71 lakh crore in FY21, exceeds Revised Estimates

April 13, 2021 2:06 pm

The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore.

Government's tax collection on petrol and diesel jumps 300% in six years

March 22, 2021 5:24 pm

Excise duty on petrol and diesel: The collections on petrol and diesel rose to Rs 2.94 lakh crore in the first 10 months of the current fiscal (2020-21), according to information furnished by Minister of State Anurag Singh Thakur in a written reply to a question in the Lok Sabha.

Mumbai restaurants, bar owners reach out to CM, excise dept as liquor traders stop supply

October 24, 2020 11:16 am

Mumbai has more than 2,500 restaurant and bars. Several of these establishments which had purchased liquor from wine traders in January and February said their stock remained unsold due to the coronavirus-induced lockdown in Maharashtra since March.

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

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.