The provisional figures of tax collection in 2016-17 has increased by 18 per cent to Rs 17.10 trillion, up from the revised estimate of Rs 16.97 trillion.
The government today said total collection through excise duty on petrol and diesel has been Rs 2,01,935 crore for the first 11 months of FY 2016-17.
Research firm feels the company will have to raise prices by 2-4 percent across brands to maintain realisation before margin, but volumes could take a hit.
The Central Statistical Organisation (CSO) may project FY17 gross domestic product (GDP) growth at 6.8- 6.9 percent in its second advance estimates, say government sources to CNBC-TV18. CSO will release the numbers on February 20.
ITC is in the process of hiking prices of some of its cigarette brands. Distributors and dealers claim that the new packs with higher prices will hit the market in a few days. In the premium category (Classic) the price hike is 13 percent.
Ahead of the rollout of GST, Finance Minister Arun Jaitley today sought to address concerns of job loss from reduced work of tax officials, saying they should have no insecurity as enough work and opportunities will be available to them in the new indirect tax regime.
A clear road map for implementation of GST should be announced.
The tax department has made it mandatory for central excise duty and service taxpayers to obtain a valid PAN number before they can be migrated to the new goods and services tax (GST) set-up.
Aditya Birla Group firm Grasim Industries, a leading producer of viscose staple fibre, has sought a "fibre neutral" policy from the government by removing 12.3 percent excise duty levied on viscose fibre as its rival cotton industry is exempted from such levy.
Government's revenue collection in April to November saw indirect tax-mop up growing at an impressive 26.2 per cent while that of direct tax came in at 15.12 per cent.
The company, which operates in India through a joint venture with the Kirloskar group, plans to bring in hybrids and latest technology vehicles in the country as part of its long-term strategy.
According to a Business Standard report, about 80 items are likely to make it to the exemption list. This includes grains, green coconut, poha, unprocessed green tea leaves, and non-mineral water.
While the tax structure for the goods and services tax (GST) has been announced, the real estate industry is waiting to see which rate is applied to it and the construction industry. Given the R
With the government finalising the tax structure for the goods and services tax (GST), home buyers now seem concerned that the GST may increase the price of under-construction flats, which are expected to come R
Cyient saw its revenues growing 18.3 percent to Rs 913.6 crore in the said quarter from Rs 772.4 crore in the second quarter of financial year 2015-16.
Setting at rest confusion over levy of excise duty, the finance ministry today said there is no "legal infirmity" in the notifications issued by the government with regard to the GST Constitution Amendment Act.
The notification of the provisions of the Constitution Amendment Act for the Goods and Services Tax has led to confusion over Centre's power to levy excise duty.
On September 1, petrol price was hiked by Rs 3.38 per litre and diesel by Rs 2.67 per litre which was followed by another price revision yesterday, where petrol was up Rs 0.58 per litre and diesel saw a marginal cut of Rs 0.31 paise.
Government's revenue collection in the first 5 months of current fiscal has shown impressive growth, with indirect taxes up 27.5 percent and direct taxes, 15.03 percent.
The ministry has recommended and cleared fixed price for ethanol. The new prices would be notified soon.
Government today notified excise duty of 2 per cent for jet fuel purchased from airports that come under the regional connectivity scheme, which seeks to make flying more affordable.
Indirect tax collections rose by 29.9 percent during April-July period of the current fiscal to Rs 2,71,719 crore, mainly due to impressive growth in central excise duty mop-up.
A fundamental shift from the current indirect tax system to the GST regime should have a positive impact on pricing of the product, subject to the decision of GST rate of the products.
The Goods and Services Tax (GST), is a comprehensive indirect tax on the sale, manufacture and consumption of different kinds of goods and services throughout India, with all other central and state taxes intended R
The government's decision to exempt small scale jewellers from excise duty will give a boost to the trade, the gems and jewellery industry said today.