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: VAT RATES :: list of goods taxed at 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARD :: form 3cd
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

Oil cos to bear additional burden of Rs 41,740 cr
June, 06th 2008

The oil companies may have to bear an additional burden of Rs 41,740 crore about 17 per cent of the total under-realisation bill of Rs 245,000 crore if the oil prices do not soften in the near future.
The relief package announced for the oil marketing companies Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum on Wednesday did not clarify how this gap of Rs 41,740 crore would be plugged.
"The finance ministry is getting increasingly reluctant to give out more oil bonds. So the additional burden may fall on the oil companies themselves," said a petroleum ministry official.

The government is, however, hoping that the global oil prices will soften. "The calculations have been done in the hope that crude oil prices will fall towards $100 per barrel during the year. Then the additional gap would be wiped off significantly," the official added.

The projected under-realisation of Rs 245,000 crore has been calculated assuming an average price of the Indian oil basket at $125 per barrel.
If oil prices do not fall, the oil marketing companies and the oil producers ONGC and Oil India will have to bear much more than the Rs 65,000 crore burden they have now been told they will bear.
The decision to increase prices of petrol by Rs 5 per litre, diesel by Rs 3 per litre and cooking gas by Rs 50 per cylinder will reduce the oil marketing companies' under-realisations, or the gap between the desired selling price and the subsidised selling price, by Rs 21,000 crore. The cut in excise and Customs duty will cut the overall under-realisation by another Rs 22,660 crore. The oil marketing companies will bear Rs 20,000 crore, while oil producers such as ONGC and Oil India will bear Rs 45,000 crore. Oil bonds worth Rs 94,600 crore are also likely to be given out during the year. The size of the bailout package is Rs 20,3260 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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