Excise Tax
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Samsung Fights $520 Million India Tax Demand, Points to Reliance Practice
Samsung has asked the Customs Excise and Service Tax Appellate Tribunal in Mumbai to quash a $520 million (roughly Rs. 4,381 crore) tax demand for allegedly misclassifying imports of networking gear. The South Korean giant has said that Mukesh Ambani-led Reliance also imported the same component in a similar manner for years.
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Centre Scraps Windfall Profit Tax On Crude Oil, Petrol, Diesel Exports
The notification rescinded the June 2022 order and withdrew a levy of special additional excise duty (SAED) on the production of crude oil.
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Why No Mention Of Fuel Tax Cut In Budget? Revenue Secretary Explains
Finance Minister Nirmala Sitharaman did not announce a cut in excise duty on petrol and diesel while presenting the interim Budget in Parliament yesterday.
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Chhattisgarh Polls: Unaccounted Cash, Illicit Liquor And Valuables Worth Over Rs 38 Cr Seized Since October 9
Unaccounted cash, illicit liquor and other items worth more than Rs 38.34 crore have been seized from separate places in the state till Sunday (October 29), he said.
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Fuel Price Cut Unlikely, Top Official Says Crude Prices Have "Softened"
There's no reason to lower excise duty on petroleum products, Revenue Secretary Sanjay Malhotra told NDTV today, explaining that it was already done twice when crude prices were at their peak.
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US Scraps Excise Tax Proposal on Bitcoin Mining After Biden Refuses to Slash Crypto Taxes
Earlier this month, the US’ Council of Economic Advisors (CEA) floated a proposal to have Bitcoin miners pay a tax equal to 30 percent of the total energy cost that they consumed in the crypto mining process. The proposal has been scrapped by the US. The decision to pull the plug on this proposal could be part of a bunch of tax-related rebates in...
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Kenyan Lawmakers Open Talks on Taxing Crypto, Here’s What's Known
A law is awaiting approval in Kenya, that would give crypto assets a nod of legalisation as tradeable assets. If and when the law gets approved, it would require investors to pay capital gains tax to the Kenya Revenue Authority. Kenyan banks would deduct a 20 percent excise duty on crypto transactions.
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Windfall Tax On Oil Firms To Compensate Most Losses From Excise Cut On Fuel
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said.
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Fuel Retailers Staring At Under-Recoveries, Says Petroleum Minister
With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses
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No Decision Yet On Jet Fuel Tax Cut, Say Government Sources
Finance ministry has not yet taken a view on the civil aviation ministry's plea for tax cuts on jet fuel or aviation turbine fuel to bring down prices
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Government's Measures To Combat Inflation May Hurt Growth
India's export duty hikes and tax cuts will likely hurt economic growth and raise the chances of the fiscal deficit widening
-
These States Have Further Reduced Petrol, Diesel Prices After Centre's Excise Duty Cut
Following the reduction of central excise duty a few states have now additionally announced a reduction of VAT (Value Added Tax) on petrol and diesel, namely Maharashtra, Kerala, and Rajasthan.
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Maharashtra Cuts VAT On Petrol, Diesel Post Centre's Excise Duty Reduction
Just a day after central government announced reduction in excise duty on petrol and diesel, Maharashtra government has gone on to reduce VAT on petrol by Rs. 2.08 and on diesel by Rs. 1.44.
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Rajasthan Cuts State Tax On Petrol By Rs 2.48, Diesel By Rs 1.16
The Rajasthan government on Saturday reduced value-added tax (VAT) on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre, following the reduction of excise duty by the Centre.
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6-Week Deadline For Centre To Appoint Chairman, Member In Tax Body
The Delhi High Court has directed the Centre to complete within six weeks the process of appointment of Chairman and a Member for the Principal Bench of the Customs, Central Excise and Service Tax Settlement Commission.
-
Samsung Fights $520 Million India Tax Demand, Points to Reliance Practice
Samsung has asked the Customs Excise and Service Tax Appellate Tribunal in Mumbai to quash a $520 million (roughly Rs. 4,381 crore) tax demand for allegedly misclassifying imports of networking gear. The South Korean giant has said that Mukesh Ambani-led Reliance also imported the same component in a similar manner for years.
-
Centre Scraps Windfall Profit Tax On Crude Oil, Petrol, Diesel Exports
The notification rescinded the June 2022 order and withdrew a levy of special additional excise duty (SAED) on the production of crude oil.
-
Why No Mention Of Fuel Tax Cut In Budget? Revenue Secretary Explains
Finance Minister Nirmala Sitharaman did not announce a cut in excise duty on petrol and diesel while presenting the interim Budget in Parliament yesterday.
-
Chhattisgarh Polls: Unaccounted Cash, Illicit Liquor And Valuables Worth Over Rs 38 Cr Seized Since October 9
Unaccounted cash, illicit liquor and other items worth more than Rs 38.34 crore have been seized from separate places in the state till Sunday (October 29), he said.
-
Fuel Price Cut Unlikely, Top Official Says Crude Prices Have "Softened"
There's no reason to lower excise duty on petroleum products, Revenue Secretary Sanjay Malhotra told NDTV today, explaining that it was already done twice when crude prices were at their peak.
-
US Scraps Excise Tax Proposal on Bitcoin Mining After Biden Refuses to Slash Crypto Taxes
Earlier this month, the US’ Council of Economic Advisors (CEA) floated a proposal to have Bitcoin miners pay a tax equal to 30 percent of the total energy cost that they consumed in the crypto mining process. The proposal has been scrapped by the US. The decision to pull the plug on this proposal could be part of a bunch of tax-related rebates in...
-
Kenyan Lawmakers Open Talks on Taxing Crypto, Here’s What's Known
A law is awaiting approval in Kenya, that would give crypto assets a nod of legalisation as tradeable assets. If and when the law gets approved, it would require investors to pay capital gains tax to the Kenya Revenue Authority. Kenyan banks would deduct a 20 percent excise duty on crypto transactions.
-
Windfall Tax On Oil Firms To Compensate Most Losses From Excise Cut On Fuel
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said.
-
Fuel Retailers Staring At Under-Recoveries, Says Petroleum Minister
With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses
-
No Decision Yet On Jet Fuel Tax Cut, Say Government Sources
Finance ministry has not yet taken a view on the civil aviation ministry's plea for tax cuts on jet fuel or aviation turbine fuel to bring down prices
-
Government's Measures To Combat Inflation May Hurt Growth
India's export duty hikes and tax cuts will likely hurt economic growth and raise the chances of the fiscal deficit widening
-
These States Have Further Reduced Petrol, Diesel Prices After Centre's Excise Duty Cut
Following the reduction of central excise duty a few states have now additionally announced a reduction of VAT (Value Added Tax) on petrol and diesel, namely Maharashtra, Kerala, and Rajasthan.
-
Maharashtra Cuts VAT On Petrol, Diesel Post Centre's Excise Duty Reduction
Just a day after central government announced reduction in excise duty on petrol and diesel, Maharashtra government has gone on to reduce VAT on petrol by Rs. 2.08 and on diesel by Rs. 1.44.
-
Rajasthan Cuts State Tax On Petrol By Rs 2.48, Diesel By Rs 1.16
The Rajasthan government on Saturday reduced value-added tax (VAT) on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre, following the reduction of excise duty by the Centre.
-
6-Week Deadline For Centre To Appoint Chairman, Member In Tax Body
The Delhi High Court has directed the Centre to complete within six weeks the process of appointment of Chairman and a Member for the Principal Bench of the Customs, Central Excise and Service Tax Settlement Commission.
