Page 11 - Latest Updates on Excise Duty
Rule change on liquor policy wrongly interpreted, clarifies Delhi govt
Soon after it was reported that the Delhi govt has allowed home delivery of liquor through mobile apps or websites under the amended excise rules, the CM's office said it was wrong interpretation
 "Rule change on liquor policy wrongly interpreted, clarifies Delhi govt")
Delhi's amended excise rules allow home delivery of Indian, foreign liquor
The Delhi government has allowed home delivery of liquor under the amended excise rules
 "Delhi's amended excise rules allow home delivery of Indian, foreign liquor")
'FTP benefits are available against settlement of claims by ECGC'
Expert answers readers' SME queries related to excise, VAT and exim policy
 "'FTP benefits are available against settlement of claims by ECGC'")
Siddaramaiah slams Centre, questions heavy excise duty on petrol and diesel
Siddaramaiah claimed the basic value of petrol and diesel per litre is Rs 32.94 and Rs 34.10 respectively
 "Siddaramaiah slams Centre, questions heavy excise duty on petrol and diesel")
State OMCs spent Rs 1.96 trillion in excise duty in April-December FY21
Excise duty payment by OMCs rises 66% YoY, despite 30% decline in net sales
 "State OMCs spent Rs 1.96 trillion in excise duty in April-December FY21")
No cut in excise duty on petrol, diesel: FM Nirmala Sitharaman
Sitharaman ignored calls for a reduction in excise duty rates to help bring down prices from historic high levels.
 "No cut in excise duty on petrol, diesel: FM Nirmala Sitharaman")
Budget 2021 alters levies on auto fuels: agri cess in, excise pruned
Sale price of auto fuels to remain unaffected
 "Budget 2021 alters levies on auto fuels: agri cess in, excise pruned")
Excise duty collection jumps 48% this fiscal on record hike in fuel taxes
While the pandemic pummelled tax collection across the board, excise duty mop-up jumped 48 per cent in the current fiscal on the back of a record increase in taxes on petrol and diesel
 "Excise duty collection jumps 48% this fiscal on record hike in fuel taxes")
Budget Byte: How far will fuel excise duty help govt's fiscal plans?
Though high priced than before, petrol and diesel consumption came back to pre-Covid levels in recent months
Excise duty mop-up grows 34% in H1; overall revenue collection down 22%
Overall revenue collection down 22% in Apr-Sept
 "Excise duty mop-up grows 34% in H1; overall revenue collection down 22%")
UP, Karnataka, TN hike duty on liquor as buffer for Covid-19 loss
UP govt also raises tax on petrol and diesel
 "UP, Karnataka, TN hike duty on liquor as buffer for Covid-19 loss")
OMC earnings to take 10-27% hit as govt raises duties, bars fuel price hike
Marketing margins to be squeezed by 64%; companies did not pass on the benefits of lower global petroleum prices to consumers
 "OMC earnings to take 10-27% hit as govt raises duties, bars fuel price hike")
ITC shares fall 6% amid concerns on stake sale, possible tax hikes
Shares of Axis Bank also fell as much as 5.4 per cent, but recouped most of the losses to end just 0.2 per cent lower
 "ITC shares fall 6% amid concerns on stake sale, possible tax hikes")
Petrol, diesel excise hike can add Rs 1.4 trn to govt's coffers: Barclays
Apart from the increase in central government taxes, several states and union territories, including Delhi, Haryana, Assam, Punjab, also have raised the state tax on fuel
 "Petrol, diesel excise hike can add Rs 1.4 trn to govt's coffers: Barclays")
With record excise duty hike on fuel, Modi govt may gain Rs 1.6 trn in FY21
Together with Rs 39,000 crore in annual revenues gained from the March 14 excise duty hike of Rs 3 per litre each on petrol and diesel, the government stands to gain as much as Rs 2 trillion
OMCs tank as govt raises excise duty on petrol, diesel; HPCL, BPCL dip 10%
The price hike will be absorbed by oil marketing companies against the fall in crude prices.
 "OMCs tank as govt raises excise duty on petrol, diesel; HPCL, BPCL dip 10%")
Centre raises excise duty on petrol by Rs 10 per litre, diesel by Rs 13
No change in retail prices as oil marketing firms to absorb increase
 "Centre raises excise duty on petrol by Rs 10 per litre, diesel by Rs 13")
Petrol, diesel get costlier as Delhi govt hikes VAT amid Covid-19 lockdown
Following the revision, the price of petrol in Delhi increased by Rs 1.67 to Rs 71.26 a litre and diesel by Rs 7.10 to Rs 69.29.
Andhra hikes liquor prices twice in the trot as queues expand at stores
25% hike yesterday, another 50% today, both in the form of additional retail excise tax
 "Andhra hikes liquor prices twice in the trot as queues expand at stores")
Minting money: States earned Rs 1.75 trillion from sale of alcohol in FY20
It was their third-largest source of revenue after GST and sales tax or value-added tax
 "Minting money: States earned Rs 1.75 trillion from sale of alcohol in FY20")
