Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: ACCOUNTING STANDARDS :: VAT RATES :: cpt :: list of goods taxed at 4% :: VAT Audit
 
 
Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

FM firm as allies seek excise cut to partially roll back petrol price hike
December, 16th 2010

The government, set to review fuel prices next week, is under strong pressure from coalition allies to cut excise duty on petrol to partially roll back petrol prices. But, Finance Minister Pranab Mukherjee said the hike was necessary because of soaring international oil prices.

Oil firms have raised petrol prices by Rs 2.95 a litre, the fifth and steepest rise since June 26, when oil companies were given the freedom to raise petrol rates but coalition allies of Prime Minister Manmohan Singh are worried about the political fallout of higher prices particularly in states where assembly elections are due.

Some coalition partners say that the government can cut taxes instead of raising retail prices. The Central excise duty of Rs 14.35 a litre, more than a quarter of the pump price after the hike, gives the government room to absorb higher crude costs without raising retail prices , some ministers have argued.

The suggestion has come from the coalition allies who are members of the empowered group of ministers (EGoM), the top government body for fuel pricing, he said.

"Most of EGoM members are in favour of reducing duty on petrol and pass the benefit to consumers. But the group will take a final call," the member said.

The group's December 22 meeting is tentative as there is no confirmed participation yet from FM, who is EGoM chairman.

The finance minister said in Kolkata late on Wednesday that oil companies had to raise prices because international crude oil prices have risen. Crude oil futures have soared above $91 a barrel, rising by nearly 20 percent since petrol prices were decontrolled in June.

Members of the EGoM include agriculture minister Sharad Pawar (NCP), rail minister Mamta Banerjee (TC), who faces assembly elections next year, fertiliser minister MK Azhagiri (DMK). Congress party's representatives in the group are oil minister Murli Deora and power minister Sushilkumar Shinde. Planning Commission deputy chairman Montek Singh Ahluwalia is also a member in the group.

The EGoM meeting has been called primarily to consider the demand of state oil companies that diesel rates should rise Rs 5.40 per litre although the oil ministry wants to increase prices by about half of that.
Pump pricing of diesel, which the government agreed in principle to decontrol, on June 26, is still regulated by it to save its inflationary impact on the economy.

State-run oil companies Bharat Petroleum (BPCL, Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) enjoys petrol pricing freedom from June this year. BPCL has raised petrol prices by Rs 2.95 a litre on Wednesday to partly make up for higher cost of crude oil. IOC and HPCL will raise petrol price at their respective pumps almost same amount on Thursday.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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