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Tuesday, August 16, 2022

excise duty

EXCISE DUTY NEWS

Punjab govt pulls down liquor prices to push up revenue

June 09, 2022 3:15 pm

The Punjab Cabinet Wednesday gave its nod to the first excise policy of the Aam Aadmi Party (AAP) government in the state. The quota of Punjab medium liquor (PML), however, remains the same as last fiscal year at 6.03 crore proof litres for nine months, from July 1, 2022, to March 31, 2023. In case of PML, a case of 12 bottles carries 4.5 proof litres of liquor.

P Chidambaram writes: Rob Peter more, pay Peter less

May 29, 2022 9:25 am

P Chidambaram writes: Exhorting the states to cut VAT on petrol and diesel is akin to asking the states to beggar themselves: they will go broke and be obliged to borrow more or carry a begging bowl to the Centre for more grants-in-aid.

Maharashtra, Kerala, Rajasthan reduce VAT on petrol, diesel after Centre cuts excise duty

May 23, 2022 1:57 am

Senior Congress leader P Chidambaram on Sunday wondered whether the states can afford to give up revenue from the Value Added Tax (VAT) on petrol and diesel unless the Centre devolves more funds or gives them more grants, likening their situation to being between “the devil and the deep sea”.

PM flags high fuel prices in Opposition-ruled states, their CMs hit back at Centre

April 28, 2022 1:20 am

TMC leader and West Bengal Chief Minister Mamata Banerjee told reporters in Kolkata that the interaction with the Prime Minister was "completely one-sided and misleading". Opposition states, she said, get "step-motherly" treatment.

Excise mop-up jumps 48% in Apr-July; at 3 times of full fiscal oil bond liability

September 06, 2021 12:47 am

Data available from the Controller General of Accounts in the Union Ministry of Finance showed excise duty collections during April-July 2021 surging to over Rs 1 lakh crore, from Rs 67,895 crore mop-up in the same period of the previous fiscal.

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 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.

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