Bar codes will be put on all liquor bottles so that consumers can check whether liquor is real or not, Sanjay Bhoosreddy said.
The rise in collections however still failed to bridge the shortfall in annual target, which could amount to Rs 810 crore.
The disputed amount for 1.83 lakh cases was Rs 3.6 lakh crore in September 2019, thus the amount involved in still-unresolved disputes is a staggering Rs 2.9 lakh crore.
Oil marketing companies can also be asked to slow down the pace of increase in price revisions and absorb some of the cost
Every rupee cut of excise duty on fuel will shave off Rs 13,000 crore of Centre’s revenues annually. Any decision on a duty cut will be a political call
The Lok Sabha today passed a bill which will ensure continuance of levy of excise on petroleum products and abolition of cess on some other items following GST rollout from July 1.
Finance Minister Arun Jaitley today reiterated that the Centre is still aiming to roll out the Goods and Services Tax (GST) regime from April 1 if all pending issues are sorted out.
GST council‘s Jan 16 meeting crucial for fixing new roll-out date; budget could contain half-yearly estimates of central indirect taxes to factor in mid-year implementation
In a relief to agencies dealing with customs, excise and sevice tax evasions, the Supreme Court today stayed the operation of a Delhi High Court order restraining these from arresting the offenders till adjudication on evasion of duty concluded.
Indian states await a big boost to their finances this year as they are on course to get an additional Rs 24,000 crore bounty or more from the Centre by way of the excise duty share on oil products this fiscal year, which is set to jump by around Rs 60,000 crore.
The rollout of the Goods and Services Tax (GST) is expected to bring in good times for the automotive industry, which has lately struggled from tough demand conditions and faced judicial and regulatory heat on environmental issues.
In a written reply to a question in the Lok Sabha, Minister of State for Finance Santosh Kumar Gangwar said the collections from additional duty of excise on petrol stood at Rs 17,217 crore and that of high speed diesel oil at Rs 52,592 crore during fiscal year 2015-16. This takes the total to Rs 69,863 crore.
Indirect tax collections rose by about 37 percent during April-May compared to the same period of the last fiscal
Rushil Decor has two new plants coming in Southern India and production will come in within 2-3 years, says MD Krupesh Thakkar.
Revenue Secretary Hasmukh Adhia said excise duty mop up in April spurt by 70 percent to Rs 28,252 crore as against Rs 16,546 crore in the year-ago month.
Many jewellery houses in cities such as Delhi, Mumbai and Kolkata have been closed since March 2 after Finance Minister Arun Jaitley announced 1 percent excise duty on non-silver jewellery in the Budget on February 29.
"Currently, the sector is taxed at the normal rate for both excise and VAT and hence the overall duty burden is between 24% and 27%. As against this, if the GST rate for the standard rate of products for paints is 17-19%, there will be clearly an advantage," says Jayraj Sheth, Indirect Tax Partner, EY
The Finance Ministry said in a statement that the Central Board of Excise and Customs (CBEC) has taken a number of initiatives to facilitate trade and resolve disputes.
Keeping interests of domestic farmers in mind, the government has raised basic Customs duty on sugar to 40 percent from the earlier 15 percent in two instalments, it said in a statement.
Shares in tobacco major ITC have been pressured following a government panel that proposed a three-tier GST structure that recommended a "sin tax" rate of 40 percent on select items such as tobacco products.
ITC shares have cracked on uncertainty on what GST could mean for tobacco products, in light of recommendations of a report by a panel headed by Chief Economic Advisor Arvind Subramanian. The report calls for a 40 percent "sin tax" for tobacco products.
FM Arun Jaitley put a premium on training of officers, capacity building and interaction with state governments for effective implementation of GST.
The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis taking into account global prices.
The import tariff on silver has also been cut to USD 544 per kg.
The government had on four occasions between November 2014 and January 2015 raised excise duty on petrol and diesel to take away gains coming by way of global oil prices dipping to six-year low.