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 INPUT TAX CREDIT IN VAT :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: articles on VAT and GST in India :: empanelment :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Customs and Excise »
 Ensure transparency in excise department working: Bizmen to government
 It is time to review the customs duty on essential food imports
 Migration to GST of existing Central Excise / Service Tax Assessees
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty
 Seeks to further amend notification No. 02/2011-Central Excise dated 1st March, 2011.
  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

Auto fuel prices to go up from Saturday
June, 02nd 2008

The prices of auto fuels are likely to go up from Saturday. The government is understood to have taken an in-principle decision to increase the prices of petrol and diesel, even as the policy managers are debating a cut in customs duty on both crude and petroleum products. A reduction in duties customs or excise would soften the impact of the price hike on the consumer, as both the levies built into the retail price.

Government sources said the key members of the Cabinet, who met on Friday afternoon, proposed that petrol prices be increased by a maximum of Rs 5 per litre and diesel by Rs 2. Cooking gas, whose prices have been kept unchanged for about four years, may be tinkered with if there is a political consensus.

They have also suggested a cut in customs duty on crude oil from 5% to 2.5% and a reduction in import duty on petrol and diesel by 2.5% from the current 7.5%. Since customs duty is included in the import/trade parity prices on which the retail price is fixed, a duty cut will bring down the retail prices, while a reduction in import duty on petro products will help oil refiners a relief of nearly Re 1 per litre, sources said.

It was learnt that the finance ministry is unwilling to reduce excise duty, although a minor adjustment is not ruled out, given the political pressures. Finance minister P Chidambaram had removed the 6% ad-valorem component from the excise duty in the Budget to forgo any windfall gains due to surging crude prices. Excise duty on petrol has been made specific at Rs 14.35 litre (from 6% + Rs 13/litre earlier) and diesel at Rs 4.60 per litre (from 6% + Rs 3.25/litre).

The group has also made some other proposals like imposing duty on exports of petroleum products by private refiners like Reliance Industries and Essar and revisiting their export-oriented unit status considering the fuel crisis. Petroleum ministry is understood to have turned down the proposals, pressed mainly by the Left allies.

But sources in government said that such proposals could be considered at the political level even against the wishes of the oil ministry. The sources said the twin proposals of a price hike and duty rejig are no longer in the hands of either petroleum minister Murli Deora or finance minister P Chidambaram.

The core group of the Congress party is expected to deliberate the various options on Saturday and a final decision would be taken in the Cabinet meeting on the same day. They said even the Congress Working Group could discuss the proposals informally before a final announcement is made.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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