20 February 2018
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Indirect Tax Excise 002002

  • Excise duty cut on petrol, diesel adds to fiscal concerns
    Oct 05, 2017
    Governments decision to cut excise duty on petrol and diesel will be a relief for consumers as it will lower CPI inflation by around 8-9 bps, but will add to fiscal concerns of the economy, says a Nomura report.According to the global financial services major, this decision further adds to the risk that the government will likely miss its fiscal deficit target for this fiscal."Given already stretched fiscal finances due to front- loaded spending and lower non-tax revenues, this decision further adds to the risk that the government will likely miss its 2017-18 fiscal deficit target of 3.2 per cent of GDP," Nomura said in the research note.The government had hiked excise duty on petrol and diesel in 2015-16 when international prices were declining, which resulted in substantial fiscal gains, Nomura said adding in 2017-18, the government expects total excise collection on the fuels at 2 per cent of GDP, up from 1.3 per cent in 2014-15.
  • Centre cuts excise duty on petrol, diesel by Rs.2 a litre
    Oct 04, 2017
    Under attack for the rise in petrol and diesel prices, the Finance Ministry finally reduced the Basic Excise Duty on these fuels by RS.2 a litre, effective Wednesday.After the cut, the retail price of petrol in Delhi is expected to be near ?68 a litre, while that of diesel, RS.57.It remains to be seen whether the States will bring own the Value Added Tax rates levied by them on these two products.The Finance Ministry was also quick to point out the revenue loss that the Centre would incur on account of these reductions in excise duty: the loss would amount to Rs.26,000 crore for the whole fiscal, and about RS.13,000 crore for the remainder of the current financial year.The Ministry said the decision was taken by the government in order to cushion the impact of high prices on the common man.
  • ‘Letters of undertaking’ norms eased
    Aug 16, 2017
    The Finance Ministry has further liberalised norms for letters of undertaking (LUT) to help exporters facing difficulties consigning shipments on time under the Goods and Services Tax regime. The Central Board of Excise and Customs has now clarified that all registered exporters who have received remittances of Rs.1 crore or 10 per cent of export turnover in the previous fiscal year will be eligible for LUTs.
  • Karnataka scraps excise permits for ethanol supplies
    Aug 11, 2017
    Karnataka has scrapped the requirement of permits from the excise department for the movement of ethanol, becoming the first state to implement the amendments to the Industries Development and Regulation (IDR) Act. The move comes as a boost to the sugar industry that has long been pressing for the removal of such red tape across states on grounds it leads to inordinate delay and corruption, and hinders supplies for the government’s ethanol blending programme.In a letter to all deputy excise commissioners on July 27, the Karnataka government has said: “No licence will be issued from the excise department for the year 2017-18 in respect of the distilleries listed under sub-para 2.2 and 2.3. (The items covered include ethanol).”
  • CBEC gets a makeover ahead of GST rollout
    May 16, 2017
    A month before the Goods and Services Tax (GST) rolls out nationwide on July 1, the Central Board of Excise and Customs will be rechristened the Central Board of Indirect Taxes and Customs (CBIC).It is not just the nomenclature that is undergoing change; the CBEC has nearly completed the reorganisation of its field offices, including the allocation of officers, provision of funds for new office spaces and training of staff.To be headquartered at North Block, the new Board will continue in its current form but will have a Member for GST and Central Excise, and a separate Member in charge of IT, Legal and Compliance Verification.
  • Excise growth surge ends, govt may miss CIT target
    Mar 11, 2017
    Industrial production rose just 0.6% in the April-January period of this fiscal, against 2.7% a year earlier. Customs collections, which contracted 6.3% in December 2016, grew 10.1% in January 2017 and 10.9% in the following month, signalling a spike in gold imports. However, service tax growth has been slowing in recent months — from 12.4% in December to 9.4% in January and 7.6% in February — indicating a slowing of discretionary spending. Net of refunds, CIT collections grew just 2.6% in April-February 2016-17 from the year-ago period, against the envisaged full-year growth of 9%, indicating that the push from the last tranche of advance tax collections might not suffice to meet the target.
  • Central Board of Excise and Customs removes 1 per cent excise duty on branded gold coins
    Dec 02, 2016
    Branded gold coins may become cheaper after the government scrapped 1 per cent excise duty on them. In a notification, the Central Board of Excise and Customs (CBEC) said excise duty will be nil on gold coins of purity 99.5 per cent and above, bearing a brand name when manufactured from gold on which appropriate duty of Customs or excise has been paid. Excise duty on branded silver coins continues to be exempted.
  • Excise duty exemption for PoS devices
    Nov 29, 2016
    In what is seen as yet another big push of the Modi-led government towards digital economy, the Centre has provided excise duty exemption on Point-of-Sale (PoS) devices manufactured in the country.This excise duty exemption has also been extended to all goods for manufacture of POS. However, the excise duty exemption in both cases will be available only till March 31, 2017, according to a Finance Ministry notification.As on date, the total PoS machines in use is only about 1.2 million. There has been very tepid growth in the PoS universe.
  • Government removes excise duty on Point of Sale machine manufacturing
    Nov 28, 2016
    Government today removed excise duty on goods for manufacturing of POS (Point of Sale) machines that are in great demand as merchants are being compelled to use them in the wake of currency crisis. "POS machines will be exempted from 12.5 per cent excise duty and 4 per cent SAD (Special Additional Duty) till March 31, 2017," a source said.
  • Downloads from foreign sites to turn pricier from Dec 1
    Nov 14, 2016
    You may have to pay more for your music or e-book downloads from overseas sites with effect from December 1.This is because the Central Board of Excise and Customs has withdrawn an existing service tax exemption on overseas companies providing services such as advertisements, Web subscriptions, cloud hosting, e-books and gaming to individuals and government bodies.
  • CBEC revises duty-drawback rates
    Nov 02, 2016
    The government has revised the duty drawback rates with effect from November 15.The revised duty drawbacks provide composite rates for products such as rubber parts (for automobile and machinery) and children’s pictures. It has also changed descriptions in certain tariff items such as packaged rice, rubber parts to prevent disputes and simplify procedures.
  • Government revises excise duty evasion limit to warrant arrest
    Oct 12, 2016
    The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature. "It has been decided to revise the monetary limit for arrest and prosecution in Central Excise to maintain uniformity of practice in central excise and service tax," the Central Board of Excise and Customs (CBEC) said in an order.
  • No excise duty on traded jewellery: CBEC
    Jul 29, 2016
    Excise duty will be payable only on the first sale of jewellery and not on any items that are re-sold or traded. In a detailed letter to field formations, the Central Board of Excise and Customs has also stressed that there should be no inconvenience to taxpayers due to the implementation of the new levy on jewellery.“In many cases the manufacturer or the principal manufacturer, may be dealing in both the manufactured articles of jewellery and traded articles of jewellery…(he) shall maintain separate physical stocks of manufactured articles of jewellery and traded articles of jewellery and show their values separately in the first sale invoice,” it said, adding that excise duty liability will be determined accordingly.
  • Excise mop up from Mumbai soars 36% to Rs 15,729 crore in Q1
    Jul 27, 2016
    Central excise collection from the Mumbai Zone jumped 36 per cent to Rs 15,729 crore in the first quarter of 2016-17 from Rs 11,551 crore a year ago, a senior official said today. "Both the zones put together (Mumbai is divided into two Central Excise zones) have collected taxes amounting to Rs 15,729 crore during the first quarter of the current fiscal," Chief Commissioner of Central Excise and head of the Mumbai Zones, Subhash C Varshney, told PTI here.
  • Taxpayers get relief from recovery during pendency of stay
    Jul 06, 2016
    In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications. The Central Board of Excise and Customs (CBEC) on Monday issued a circular on 'Recovery of Confirmed Demand of Tax During the Pendency of Stay Application' in relation to indirect taxes. Confirmed demand of tax arises, when after examining the submissions of a tax payer, an order is issued confirming demand of tax from a tax payer.
  • Excise: Jewellers get more time
    Jul 02, 2016
    The Finance Ministry has extended the time limit for central excise registration by jewellers to July 31. “The liability for payment of central excise duty will be with effect from March 1, 2016,” said the Finance Ministry said on Friday. Assessee jewellers can pay the excise duty for March, April, May and June by July 31.
  • Govt may impose anti-dumping duty on chemical from 5 countries
    Jun 14, 2016
    India may impose anti-dumping duty of up to $168.76 per tonne on imports of a chemical, mainly used in textile and packaging industry, from five countries including China and Iran to protect domestic players. MCC PTA India Corp and Reliance Industries Ltd (RIL) had jointly filed an application seeking anti-dumping investigations.
  • CBEC looks to curb tax evasion; check out how
    Jun 13, 2016
    Taking a cue from the income tax department that employs third parties to report on high-value transactions of various kind in order to verify the veracity of tax filings by individuals, the Central Board of Excise and Customs (CBEC) has given the State Electricity Boards and Reserve Bank of India specific assignments in its efforts to detect and curb tax evasion.
  • Indirect tax collections jump 42% in April
    May 12, 2016
    Indirect tax collections jumped 42% in April on sharp rise in excise collections owing to increased duty on petrol and diesel."Indirect tax collections for the month of April 2016 was Rs 64,394 crore registering a growth of 41.8% as compared to Rs 45,417 crore collected during the same period previous year," an official statement said.
  • Not helping Make in India? Govt reverses import duties on mobile chargers, batteries
    May 07, 2016
    Buckling under pressure from handset manufacturers, the government on Thursday through a series of notifications reversed duties adding up to around 29.44% on import of batteries used in mobile phones, chargers, wired headsets and speakers imposed in the Budget.
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