Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: empanelment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
Customs and Excise »
 Central Board Of Excise & Customs New Delhi GST Flyers
 Hike in customs duty on electronics likely to boost revenue collection
 Customs duty raised on electronic goods
 Ministry Of Finance (Central Board Of Direct Taxes) Notification
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
 Customs And Central Excise Drawback – Part II
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
 GST on Custom House Agents
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes
 The Customs and Central Excise Duties Drawback Rules, 2017

Excise on low-end liquor hikes in Bengal
November, 16th 2010

On the very day that the 1% VAT on luxury items came into effect, the cash-strapped Bengal government announced an ad-valorem 5-10% hike in excise duty on low-end liquor on Monday.

The hike is part of a series of "reforms" announced to raise the crisis-ridden government's earnings. But it came as a shock to dealers and consumers alike because the segment that has been targeted happens to contribute nearly 70% of the total liquor sales.

The government has also decided to allow the sale of low-end liquor, which has an MRP of Rs 260 or less, in country liquor on-shops. This will not only raise revenue earning but also help draw away consumers from illicit and spurious liquor which is often sold in country spirit outlets. What's more, the government has scrapped the privilege area' clause that allowed manufacturers to sell products in particular areas around their units. This was proposed by finance minister Asim Dasgupta at the state budget but was implemented on Monday.

The excise department has withheld permission for more off-shops in the state. The duty imposition is in keeping with the government's policy but is unlikely to affect sales, say sources. Liquor has been the most productive segment of revenue for the government over the last three years.

Now, when it faces its biggest financial crisis in 34 years, the Left Front government has fallen back on it yet again. "This is the most lucrative segment so far as sales are concerned. It will generate substantial additional revenue," said an excise official.

Wholesalers pressed the panic button, saying supplies were running out. There was confusion over the pricing of old stock. Soon after the announcement, manufacturers withheld supply. "There could be a crisis from Tuesday for off-shops can't store a big volume. They are already running out of stock," said Parag Mitra, vice-president of the Foreign Liquor Manufacturers, Wholesalers and Bonders Association. He added that low-end whisky, rum, vodka and liqueur were going to be affected. "It is surprising that the excise department said nothing on old stock. This has led to a confusion among manufacturers. They need time to revise the price and change the labels," said Mitra. Changing of labels requires the sanction of the excise commissioner.

Restaurants, however, have decided not to revise their price list immediately. "We shall wait for at least a month till the manufacturers come up with a price revision. Till then, prices will remain unaltered," said Pratap Daryanani, owner of Oasis restaurant on Park Street.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions