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 Zonal Unit has detected central excise duty and service tax evasion to the tune of Rs 362.45 crore," the department said in...
12:52 PM, Jan 13, 2013
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 Cabinet Committee on Political Affairs, headed by Prime Minister Manmohan Singh, this evening decided to raise diesel prices...
08:39 PM, Sep 13, 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 cut in withholding tax on corporate bonds. However, no cut in excise is being considered yet, according to sources....
11:14 AM, Jun 25, 2012
Mumbai: Jewellers from Zaveri Bazaar, a major hub for jewellery industry, who opened their shops for the first time on Monday after a 21-day 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 due to the strike. However, the footfalls are much less than our expectations," Kumar Jain of Umedmal Tilokchand Zaveri told....
03:37 AM, Apr 10, 2012
New Delhi: Centre is likely to roll back excise duty hike on gold and non-branded 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 a relook into their demands regarding a rollback. The jewellers strike has entered the 21st day on Friday. Hoping...
10:05 AM, Apr 06, 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 with RJD Chief Lalu Prasad. The jewellers across the country are demanding a complete rollback of excise duty on...
06:42 AM, Apr 06, 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 excise duties, TCS and customs duties levied in the latest union budget. We shall make all efforts to convince...
01:08 AM, Apr 06, 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. Finance Minister has called a meeting with them. The meeting is likely to take place day-after tomorrow," Central Board...
05:58 PM, Apr 04, 2012
Ahmedabad: Gujarat-based gems and jewellery traders, who are on strike to protest against excise duty on unbranded gold jewellery, were on Tuesday baton-charged in when they tried to block traffic on busy Sarkhej-Gandhinagar highway, police said. The jewellers also held protests and blocked traffic in major cities like Vadodara, Surat, Rajkot. In Ahmedabad, the agitators who tried to block traffic on SG Highway as part of their 'chhaka Jam' programme...
02:53 PM, Apr 03, 2012
Ahmedabad: Anti-corruption 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. I will study and write to Pranab Mukherjee," Hazare said. Meanwhile, police lathicharged jewellers in Ahmedabad who were blocking National...
12:23 PM, Apr 03, 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. ...
08:29 PM, Apr 02, 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 you a few pounds heavier but your pockets will be lighter. All luxury items including cars and beauty spa treatment will...
09:10 AM, Apr 01, 2012
Kolkata: Finance Minister Pranab Mukherjee said that the Centre is considering the demand made from different quarters to withdraw excise duty on non-branded 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, state governments and MPs," Mukherjee told reporters on arrival in Kolkata from New Delhi. He was responding to media...
09:31 AM, Mar 31, 2012
New Delhi: Arch rivals Trinamool Congress and CPI-M 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 Trinamool Congress said prices of gold in India would go up if the strike continues and it will encourage...
05:24 PM, Mar 30, 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. As the new Budget levies duty on import of gold, it will make the gold more expensive, as compared...
11:38 PM, Mar 28, 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 it mandatory the use of PAN card for purchase of jewellery of over Rs 2 lakh. "I understand the...
07:37 PM, Mar 27, 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 the one per cent excise duty imposed on non-branded jewelry, said All India Sarafa Association president Sheel Chand Jain....
05:53 PM, Mar 26, 2012
New Delhi: The country's largest carmaker Maruti Suzuki India (MSI) has increased the prices of its vehicles by up to Rs 17,000 following the hike in excise duty in the Budget. The increase in prices will affect the company's models ranging from small car M800 to mid-sized sedan SX4. "There has been an average increase in prices of our vehicles by 1.75 per cent after the Budget," MSI Managing Executive...
01:36 PM, Mar 25, 2012
Graphical representation of the highlights of Pranab Mukherjee's Union Budget for 2012-13. ...
03:32 PM, Mar 16, 2012
New Delhi: As Finance Minister Pranab Mukherjee resorted to mopping up more taxes, a disappointed India Inc today said his Budget is a "missed opportunity" and would have cascading impact on inflation and consumer demand. "It is not going to stimulate growth in the economy," FICCI President RV Kanoria said. CII President B Muthuraman said he was expecting much more and the excise-related proposals would push up prices. However, the...
02:12 PM, Mar 16, 2012
