Page 7 - Latest Updates on Excise Duty
Another excise hike for petroleum products on cards to offset revenue loss
No immediate hike, marginal increase likely to be implemented only after lockdown is lifted
 "Another excise hike for petroleum products on cards to offset revenue loss")
Govt plans another excise hike on petroleum products to offset revenue loss
No immediate hike, marginal increase likely to be implemented only after lockdown is lifted
 "Govt plans another excise hike on petroleum products to offset revenue loss")
Govt likely to face shortfall of Rs 10 trn due to coronavirus: Subhash Garg
Elaborating on the fiscal situation, the former finance secretary said that indirect taxes, GST, excise duty on petroleum products and customs will under-perform
 "Govt likely to face shortfall of Rs 10 trn due to coronavirus: Subhash Garg")
Closures hit alcohol manufacturers; govt faces loss of Rs 700 cr a day
Excise duty on liquor is an important revenue source for states, which are not in a strong position financially at present
 "Closures hit alcohol manufacturers; govt faces loss of Rs 700 cr a day")
Petrol, diesel get costlier as states increase VAT amid coronavirus crisis
Both Kolkata and Mumbai saw an increase of Rs 1.01 each on petrol to Re 1 each on diesel. However, prices in Delhi remained unchanged
 "Petrol, diesel get costlier as states increase VAT amid coronavirus crisis")
Fuel prices see minor changes, check petrol and diesel rates today
The prices of petrol and diesel can increase further as Parliament passed Finance Bill on Monday
 "Fuel prices see minor changes, check petrol and diesel rates today")
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
 "Centre to hike excise duty on petrol and diesel by Rs 8 per litre each")
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
Sharper cuts in fuel prices if oil cos forego supernormal profits: Report
The govt raised excise duty on both petrol and diesel by Rs 3 per litre
 "Sharper cuts in fuel prices if oil cos forego supernormal profits: Report")
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
 "Petrol, diesel prices cut for a third straight day as crude oil softens 5%")
Instead of heeding my advice, our 'genius' hiked excise duty on fuel: Rahul
Congress on Saturday had hit out at the government over the hike in excise duty on petrol and diesel
 "Instead of heeding my advice, our 'genius' hiked excise duty on fuel: Rahul")
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
Oil price slump: Centre may not hike excise duty for petro products
For 2019-20, the Centre had estimated average crude price of $55 a barrel, and for 2020-21, it has been assumed at $50 a barrel.
 "Oil price slump: Centre may not hike excise duty for petro products")
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.
 "Coronavirus outbreak may delay roll-out of Vivad se Vishwas 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%
 "Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more")
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
 "GST, VAT collection dips as 6 states' tax revenue till November FY20 falls")
Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes
The ministry, as per the sources, has also recommended to the Finance Ministry that purchase of cigarette cartons at duty-free shops should be prohibited
 "Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes")
Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap
Removal of duty on ferro-nickel and stainless steel scrap is a long standing demand and the Ministry of Steel has also at times batted for zero duty on these items.
 "Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap")
Centre considering specific excise duty on aviation fuel to curb volatility
Finance Minister Nirmala Sitharaman will present her second budget on February 1.
 "Centre considering specific excise duty on aviation fuel to curb volatility")
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
 "Budget 2019: Higher excise, cess raise fuel prices by Rs 2 per litre")
