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According to Revenue Secretary Sanjay Malhotra, the excise duty on petrol and diesel currently is the lowest in several years.
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Reversing last week’s downward trend, oil prices jumped more than 4 percent on October 9 on fears that clashes between Israel and Hamas could spread beyond Gaza. But crude prices had already been hovering at over $90 per barrel for the last few months, with Saudi Arabia and Russia extending cuts and stoking concerns over tight supply.
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The central government’s collections from excise duties have been pegged at 3.39 lakh crore rupees for the current fiscal.
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Government officials have indicated that the windfall tax would be removed once oil prices fall by $40 per barrel from what it was in July 2022 at the time it was introduced
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The oil and gas sector contributed Rs 3.07 lakh crore and Rs 2.37 lakh crore during 9MFY23 to the central and state exchequer respectively.
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The company along with its group firms had received demand notices from the excise department during earlier years for Rs 1,381.55 crore (including penalty but excluding interest), it stated.
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The state excise department announced the hike two days ago.
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"The levy of excise duty on tobacco and tobacco products is a matter of public policy and this court in exercise of writ jurisdiction would not interfere with the same. The CGST itself contemplates levy of excise duty upon tobacco and tobacco products apart from they being taxed under the provisions of CGST," Justice M I Arun said in the recent judgment.
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The finance ministry, in a Gazette notification issued late on Friday (September 30), stated that the additional excise tax will now be levied from November 1, 2022.
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Excise duty on petrol and diesel was cut by Rs 13 a litre and Rs 16, respectively, between November 2021 and May 2022
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A significant correction in global crude oil prices and subsequent correction in gross refining margin (GRM) resulted in erosion of gains being made by these companies and prompted the government to ease the levies.
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The reduction of Central excise duty twice within a span of six months has pushed the retail trade into a tailspin, vastly eroding its capital base and reducing the fuel purchase capacity.
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Fuel price hike has been one of the major factors impairing demand, particularly in the two-wheeler segment. Analysts say the cut in fuel prices will provide some relief to customers
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According to Barclays, tax cuts on motor fuels, cooking gas subsidies and duty cuts on imports could ease prices but widen fiscal deficit to 6.9% of GDP, significantly overshooting budgetary estimates of 6.4%.
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The revenue loss to the government has been estimated at Rs 1 lakh crore in the current financial year as a result of it announcing the excise duty cut on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
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The Kerala government on Saturday announced a cut in tax on the prices of petrol and diesel by Rs 2.41 and Rs 1.36 per litre respectively, following reduction of fuel price by the Centre.
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With the excise duty cut alone, the effective retail price of petrol will be reduced by around Rs 9.5 per litre and of diesel by Rs 7 per litre.
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Petrol pump dealers believe that a tax cut by Centre and states may be the only way to offer some relief to consumers
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The discussion has taken place at a time when benchmark Brent crude price has surged past $105 a barrel for the first time since 2014 after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.
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The likely government proposal will be to allow 18 percent GST in addition to VAT or excise rate, CNBC TV18 learnt from sources, adding that the formula would be introduced only if its acceptable to all the states.
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Crude oil prices have been volatile this week amidst reports of heightened tension over a likely Russian invasion of Ukraine.
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Oil marketing companies have left price of petrol and diesel unchanged for the 89th day on February 2, despite rise in crude oil prices.
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Budget 2022: State-run oil marketing companies, which account for 90% of the fuel retail market, blend fuel with varying degrees of ethanol.
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The minister was responding to queries on the hike in excise duty on petrol and diesel during last three years and the details of the revenue earned through various taxes on these fuels.
