Excise Revenue

Income Tax Appellate Tribunal has ruled that cryptocurrencies are considered capital assets, clarifying how profits from crypto sales should be taxed. The ruling applies to transactions before 2022.

Punjab Cabinet Friday approved an excise policy for the financial year 2023-24 with a target to collect Rs 9,754 crore in revenue, a jump Rs 1,004 crore collected in the last fiscal year. In another decision, the Cabinet also approved 'Punjab State Minor Mineral Policy-2023' to provide sand and gravel at affordable rates to the people of the state. Decisions to this effect was taken by the Cabinet under the Chairmanship of Chief Minister Bhagwant Mann here, said an official release. In order to maintain stability of liquor trade and to continue reforms initiated last year, the retail sale licenses are being offered for renewal to the existing retail licensees, said the release. "The policy aims to collect Rs 9,754 crore during the year 2023-24, giving an increase of Rs 1,004 crore," it said. As per the policy, the value added tax charged on liquor sold by beer bars, hard bars, clubs and microbreweries has been reduced to 13 per cent, in addition to 10 per cent surcharge. On its .

Former Delhi Deputy Chief Minister Manish Sisodia "conspired" with others to frame a faulty excise policy in order to generate kickbacks and proceeds of crime to the tune of more than Rs 290 crore, the ED alleged before a court here on Friday. The federal investigative agency had arrested Sisodia, 51, at the Tihar Jail on Thursday. A special court sent Sisodia to Enforcement Directorate's custody till March 17 after the agency produced him before a special court on Friday. "Proceeds of crime of at least Rs 292.8 crore (calculated as on date which is likely to increase during the course of investigation) is attributable in respect of the role of Sh. Manish Sisodia...", the ED said in its remand papers while seeking his custody. Sisodia, it said, "Conspired with other persons and actively involved in formation of faulty policy against kickbacks...Sisodia has played role in generation, transfer, concealment of the proceeds of crime and projected the same as untainted." Giving a small

Liquor worth around Rs 14 crore was sold across Noida and Greater Noida in the two days ahead of Holi, after subdued sales since the outbreak of the COVID-19 pandemic, Gautam Buddh Nagar Excise Department officials said on Friday. In the run-up to Holi last year, the revenue earned from liquor sales stood around Rs 11.5 crore, while liquor worth approximately Rs 9 crore was sold on December 30 and 31, they said. On March 6 and 7, around 4.20 lakh beer cans were sold in the district, while 1.35 lakh liquor bottles, including foreign liquor varieties, were also sold during the period, according to official data. Also, an estimated 10 lakh 250 ml pouches of 'Desi' (country-made) liquor were sold on the two days ahead of the festival, the data showed. Last year, the approximate sales of country liquor (250 ml pouch) stood at 6 lakh, foreign liquor at 75,000 bottles, and beer cans at 3 lakh, with total revenue reaching around Rs 11.5 crore, according to corresponding data. With the tot

A Delhi court is likely to hear on Friday the bail application of former deputy chief minister Manish Sisodia, nearly two weeks after he was arrested in a corruption case related to the now-scrapped excise policy. Special Judge M K Nagpal, who sent Sisodia to judicial custody on March 6, had directed the CBI to file its response to the AAP leader's application by March 10. In his application, Sisodia stated that he joined the investigation as and when called for by the central probe agency. He further stated that no fruitful purpose would be served by keeping him in custody as all the recoveries have already been made, adding that the other accused persons arrested in this case have already been granted bail. Asserting that he had held an important constitutional post of deputy CM of Delhi, Sisodia said he has deep roots in the society. The CBI on February 26 arrested Sisodia in connection with alleged corruption in the formulation and implementation of the now-scrapped Delhi Exci

The Special Judge M. K. Nagpal of the Rouse Avenue Courts, on February 24, had reserved his order after hearing arguments in Gorantla's bail plea from both sides and had listed it for hearing on Wed

The Enforcement Directorate (ED) on Friday raided at least 25 locations in the national capital as part of its ongoing money laundering investigation into the now-scrapped Delhi Excise policy, officials said. The premises covered under the search operation belong to private entities linked to liquor dealership and distributorship, they said. The federal agency has conducted multiple raids in this case till now and had also arrested Sameer Mahandru, a liquor businessman and managing director of liquor manufacturing company Indospirit, last month in the case. The money laundering case stems from a CBI FIR that had named Delhi Deputy Chief Minister Manish Sisodia as an accused among others. The scheme came under the scanner after the Delhi LG recommended a CBI probe into the alleged irregularities in the implementation of Delhi's Excise Policy 2021-22. He had also suspended 11 excise officials in the matter.

The CBI has arrested a Hyderabad-based businessman in connection with the alleged Delhi excise policy scam in which Deputy Chief Minister Manish Sisodia is also an accused, officials said on Monday. Abhishek Boinpally, who was allegedly lobbying for certain liquor businessmen based in southern India, was called for questioning on Sunday. The agency found him evading certain key questions and took him into custody late at night, they said. Boinpally is not named as an accused in the Central Bureau of Investigation FIR pertaining to the case but his close associate and partner Arun Ramchandra Pillai is. The two founded Robin Distribution LLP in July this year, according to Registrar of Companies (RoC) database. It is alleged that Pillai had collected bribes from Sameer Mahendru of Indospirit for onward transmission to businessman and AAP leader Vijay Nair, who was arrested by the CBI in the case last month, the officials said. Boinpally was allegedly involved in the "cartelization"

The Enforcement Directorate (ED) has summoned senior Aam Adami Party (AAP) leader and Rajinder Nagar MLA Durgesh Pathak in the Delhi excise policy case

The controversy in Delhi reflects the enduring importance of this revenue source for state exchequers

What went wrong with Delhi's new excise policy?

In Delhi, people are finding it hard to fetch their favourite liquor brand, due to sparse vends. A slugfest is going on the Delhi government's liquor policy. Let's find out why

The excise revenue of the Delhi government in the first quarter of the current fiscal year remained flat compared to 2019-20 despite a steep rise in whiskey and wine sales

ATF accounts for around 40 per cent of an airline's operating expenses

The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue lost when it cut excise duty on fuel, industry sources said

India Inc, traders and exporters have welcomed the Centre's move to slash excise duty on auto fuels and urged states to follow suit to provide more relief to consumers. They said the price cut would lower inflation on account of lower cost of transportation. CII welcomes the government's move to cut excise duty on fuel, which will help bring down inflation levels. The government's swift action shows its intent to bring down the burden on the common man, in addition to bringing down input cost for many sectors," CII President Sanjiv Bajaj stated. He expressed hope that following the Centre, state governments will also respond in the same manner, bringing further relief. Assocham Secretary General Deepak Sood tweeted expressing gratitude to the government "for anti-inflationary measures" including the excise cut on petrol and diesel. He said these measures "will have a positive spiral impact" on reining in inflation. The Confederation of all India Traders (CAIT) said the fuel price

Due to a hit taken by steelmakers based in India, they would be forced to cancel European orders amid an excise cut of 15%

New state excise policy aims to weed out liquor cartels

As per data central excise duty collection has already touched Rs 1,37,236 crore till Aug in FY22 and this growth of almost 37 percent over Rs 1,00,398 crore excise revenue collected by Centre in FY21

The Delhi government earned 41 per cent less revenue last year due to COVID-19, Deputy Chief Minister Manish Sisodia said on Wednesday.

Private drive could taper off, high tax revenue notwithstanding