EXCISE DUTY

  • Income tax relief in Jaitley's Budget for 201415, smokers will pay more July 10, 2014

    New Delhi: The Budget for 201415 on Thursday doled out sops to income tax payers by raising the threshold exemption limit from Rs 2 lakh to Rs 2.5 lakh and investments under 80C by Rs 50,000 to Rs 1.5 lakh while seeking to revive growth, manufacturing and investor confidence. Without...
  • Branded petrol price cut by over Rs 5 per litre July 10, 2014

    New Delhi: Price of branded or premium petrol on Thursday was cut by over Rs 5 per litre after Finance Minister Arun Jaitley slashed excise duty on the fuel. Central Excise duty on Branded Petrol was cut from Rs 7.50 per litre to Rs 2.35 per litre. Branded petrol, which contains...
  • Government extends reduced excise duties on some goods for 6 months June 25, 2014

    New Delhi: The Narendra Modi government on Wednesday decided to extend the excise duty concessions announced by the previous UPAII government in its interim budget for another six months till December 31, 2014. Finance Minister Arun Jaitley said that the reduced excise duties on automobiles, capital good and consumer durables...
  • Car makers want excise duty cut to continue even after June 30 June 22, 2014

    New Delhi: With the June 30 deadline fast approaching for expiry of reduced excise rate, car makers want the government to extend it further even as they adopt a wait and watch policy before considering price hikes. "We certainly hope that the government of India will give us an opportunity to...
  • Maruti, Hyundai cut prices after excise duty reduction February 19, 2014

    The country's biggest car makers, Maruti Suzuki India (MSI) and Hyundai Motor India, on Wednesday cut prices after excise duty on automobiles was reduced in the Interim Budget. While MSI's price cuts range between Rs 8,502 and Rs 30,984 across its models, Hyundai has slashed prices by between Rs 10,000 and...
  • A Billion Votes: Politics behind the Interim Budget 2014 February 17, 2014

    In an election year, Finance Minister P Chidambaram presented an Interim Budget shorn of rhetoric and stuck to highlighting the Congressled UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections, the Finance...
  • Watch: Experts rate P Chidambaram's interim budget February 17, 2014

    In an election year, Finance Minister P Chidambaram presented an Interim Budget on Monday highlighting the Congressled UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections, the Finance Minister tinkered with excise...
  • FM slashes excise duty for automobiles, leaves taxes unchanged February 17, 2014

    New Delhi: Leaving direct taxes untouched, Finance Minister P Chidambaram on Monday slashed excise duty on cars, SUVs and twowheelers, and capital goods and consumer durables to boost manufacturing and growth. Presenting the Interim Budget for 201415, he also provided service tax exemption for storage and warehousing...
  • Budget 2014: Cars, SUVs, 2wheelers to cost less on excise duty cut February 17, 2014

    New Delhi: Prices of automobiles, including cars, sports utility vehicles and twowheelers, are set to come down with Finance Minister P Chidambaram on Monday announcing a reduction in excise duty in the interim Budget. "To give relief to the automobile industry, which is registering unprecedented negative growth, I propose to...
  • Budget 2014: FM cuts excise duty, woos youngsters, taxes unchanged February 17, 2014

    New Delhi: In an election year, Finance Minister P Chidambaram presented an Interim Budget shorn of rhetoric and stuck to highlighting the Congressled UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections,...
  • Budget 2014: Watch P Chidambaram's full speech on vote on account February 17, 2014

    Finance Minister P Chidambaram on Monday refuted the allegations of policy paralysis saying the UPAII has brought schemes and has contained the fiscal deficit. Chidambaram also announced excise cuts, leading to cars, mobile phones and twowheelers getting cheaper even as not sops were announced. ...
  • 'Pan Parag' under scanner for Rs 20 crore excise duty evasion January 28, 2014

    The manufacturer of 'Pan Parag' masala has come under the scanner of revenue department for allegedly evading excise duty worth over Rs 20 crore. A case has been registered against the Baroda manufacturing unit of Pan Parag India Ltd by excise department officials for the alleged evasion, official sources said...
  • Baba Ramdev's firms evaded excise duty worth over Rs 20 crore October 4, 2013

    Dehradun:Central Excise sleuths raided the firms of yoga guru Ramdev and claimed to have detected evasion of excise duty of over Rs 20 crore. The Excise officials raided the firms of Ramdev in Uttarakhand on Thursday and found that they were not paying excise duty on a number of cosmetic products...
  • Tax evasion of Rs 362 crore detected from Chennai zone January 13, 2013

    New Delhi: Excise duty and service tax evasion of about Rs 362 crore has been detected up to December in the current financial year by the Chennai zonal unit of Central excise department. "During the current financial year (up to December 2012), the Directorate General Of Central Excise Intelligence, Chennai...
  • Govt cuts excise duty on petrol, spares price hike September 13, 2012

    New Delhi: The government, which hiked the diesel price by Rs 5 per litre on Thursday, spared an increase in petrol price by cutting excise duty of Rs 5.50 per litre. While the government announced the diesel price hike to be effective from midnight, it left kerosene and LPG rates untouched. The...
  • Measures to boost economy: What to expect June 25, 2012

    New Delhi: Finance Minister Pranab Mukherjee is expected to announce measures to boost the economy and shore up the falling rupee. Government sources have said that the reserve Bank of India (RBI) is considering hiking the corporate bond FII limit to over $ 30 billion. The RBI is also considering a...
  • Jewellers witness muted demand on day one post strike April 10, 2012

    Mumbai: Jewellers from Zaveri Bazaar, a major hub for jewellery industry, who opened their shops for the first time on Monday after a 21day strike saw a muted response from buyers with footfalls nowhere near their expectations. "We expected the demand to be very high as the shops were closed...
  • Centre may roll back duty hike on jewellery: sources April 6, 2012

    New Delhi: Centre is likely to roll back excise duty hike on gold and nonbranded jewellery, according to sources. This came after Congress President Sonia Gandhi stepped in as jewellers' protests against excise and import duty hikes spread. Congress President Sonia Gandhi met jewellers on Friday and has assured them of...
  • Pranab Mukherjee to meet jewellers in Delhi today April 6, 2012

    New Delhi: The jewellers' strike enters the 21st day on Friday and there's still no sign of a solution. However, hoping to find one soon, Finance Minister Pranab Mukherjee will be meeting with members of the jeweller community on Friday. Pranab met a few of them on Thursday as well, along...
  • Pranab, jewellers to discuss contentious new levies April 6, 2012

    Mumbai: In an effort to break the deadlock over the recent hike in duties affecting the gems and jewelery industry, Union Finance Minister Pranab Mukherjee will meet industry representatives in New Delhi on Friday, an official said on Thursday. "The meeting has been called to discuss the issue of rollback of...
  • Pranab likely to meet jewellers' associations April 4, 2012

    New Delhi: Amid widespread protests over the government's decision to levy duty on unbranded jewellery, Finance Minister Pranab Mukherjee is likely to meet the representatives of jewellers' associations on Friday to sort out the issue. "We have already clarified to all the associations that there is not a case for apprehension....
  • Striking jewellers batoncharged in Ahmedabad April 3, 2012

    Ahmedabad: Gujaratbased gems and jewellery traders, who are on strike to protest against excise duty on unbranded gold jewellery, were on Tuesday batoncharged in when they tried to block traffic on busy SarkhejGandhinagar highway, police said. The jewellers also held protests and blocked traffic in major cities like Vadodara, Surat, Rajkot. In...
  • Anna backs jewellers, says he'll write to Pranab April 3, 2012

    Ahmedabad: Anticorruption activist Anna Hazare has backed jewellers in their fight against the government's decision to hike excise duty. "Whatever decision taken is not right, this decision is not in favour of the people. We are ready to give excise and VAT but the clause in excise duty is misleading....
  • Zaveri Bazar: Jewellers strike continues, enters second week April 2, 2012

    Finance Minister Pranab Mukherjee had announced a two percentage point hike in the peak excise duty from 10 per cent to 12 per cent. ...
  • Pay more, taxing time begins today April 1, 2012

    New Delhi: It's the start of a new financial year and the 'aam aadmi' will have to pay more as a host of duty and fare hikes come into effect from Sunday. The 2 per cent increase in service and excise duty has taken effect. Eating out may leave...
  • 'Centre reconsidering jewellers' demand on duty' March 31, 2012

    Kolkata: Finance Minister Pranab Mukherjee said that the Centre is considering the demand made from different quarters to withdraw excise duty on nonbranded jewellery. "I have already made a statement in Parliament in this matter. Already responded in the matter... I am considering it. I have received representations from various organisations,...
  • TMC, CPM slam Govt on duty on unbranded jewellery March 30, 2012

    New Delhi: Arch rivals Trinamool Congress and CPIM on Friday joined hands in the Rajya Sabha in criticising the Centre for failing to resolve the issue of strike by bullion traders and jewellers against imposition of excise duty on unbranded jewellery. Raising the issue during the Zero Hour, D Bandopadhyay of...
  • Withdraw import duty hike on gold: Hema Malini March 28, 2012

    New Delhi: BJP MP and veteran actress Hema Malini on Wednesday demanded a rollback of hike in import duty on gold in the Rajya Sabha, expressing fear that it will adversely affect the customers and promote smuggling. "The gold price today is already very high at about Rs 2800 per gram....
  • Pranab to reconsider duty on unbranded jewellery March 27, 2012

    New Delhi: Bowing to protests by jewelers and demands in Parliament, Finance Minister Pranab Mukherjee hinted at a roll back of the excise duty on unbranded jewellery but ruled out going back on the hike in import duty on gold and platinum. He also promised to reconsider the proposal to make...
  • Bullion strike enters 10th day over duty hike March 26, 2012

    New Delhi: Bullion and jewellery markets remained closed for tenth straight today in various parts of the country to protest imposition of excise duty on unbranded jewellery and doubling of import duty on gold. Thousands of jewellers and their workers came out in the walled city area to demand withdrawal of...