Page 6 - Latest Updates on Excise Duty
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
 "Siddaramaiah slams Centre, questions heavy excise duty on petrol and diesel")
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
 "State OMCs spent Rs 1.96 trillion in excise duty in April-December FY21")
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.
 "No cut in excise duty on petrol, diesel: FM Nirmala Sitharaman")
Budget 2021 alters levies on auto fuels: agri cess in, excise pruned
Sale price of auto fuels to remain unaffected
 "Budget 2021 alters levies on auto fuels: agri cess in, excise pruned")
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 collection jumps 48% this fiscal on record hike in fuel taxes")
Budget Byte: How far will fuel excise duty help govt's fiscal plans?
Though high priced than before, petrol and diesel consumption came back to pre-Covid levels in recent months
Excise duty mop-up grows 34% in H1; overall revenue collection down 22%
Overall revenue collection down 22% in Apr-Sept
 "Excise duty mop-up grows 34% in H1; overall revenue collection down 22%")
UP, Karnataka, TN hike duty on liquor as buffer for Covid-19 loss
UP govt also raises tax on petrol and diesel
 "UP, Karnataka, TN hike duty on liquor as buffer for Covid-19 loss")
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
 "OMC earnings to take 10-27% hit as govt raises duties, bars fuel price hike")
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
 "ITC shares fall 6% amid concerns on stake sale, possible tax hikes")
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
 "Petrol, diesel excise hike can add Rs 1.4 trn to govt's coffers: Barclays")
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
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.
 "OMCs tank as govt raises excise duty on petrol, diesel; HPCL, BPCL dip 10%")
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
 "Centre raises excise duty on petrol by Rs 10 per litre, diesel by Rs 13")
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
 "Andhra hikes liquor prices twice in the trot as queues expand at stores")
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
 "Minting money: States earned Rs 1.75 trillion from sale of alcohol in FY20")
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
 "With liquor shops open, UP expects to recoup part of average excise mop-up")
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"
 "DGS has to take a call on waiving detention charges")
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
 "Provide list of retail vend of liquor in public sector:Delhi to Excise dept")
