The amount of excise duty collected from chewing tobacco Including Kara Masala, Kimam etc. during 2008-09 and 2009-10 is Rs. 916.63 crore and Rs. 1062.05 crore respectively. The excise duty collections from other tobacco varieties and products like cigarettes, bidis, cigars for the years 2008-09 and 2009-10 is Rs. 9798.75 crore and Rs. 10045.35 crore [...]
Archive for the ‘Excise Duty’ Category
Leviability of Education Cess and Higher Education Cess on the Stainless Steel Patta Patti or Aluminium Circles units working under compound levy scheme.
The government on Saturday said it will earn an additional Rs 40,000 crore (Rs 400 billion) from the hike in excise and restoration of duties on petroleum products, while it will lose Rs 21,000 crore (Rs 210 billion) due to income tax sops.
Of the Rs 40,000 crore (Rs 400 billion), Rs 14,000 crore (Rs 140 billion) would come from excise duty hike and Rs 26,000 crore from petro duties, Revenue Secretary Sunil Mitra told.
The government increased excise duties by 2 per cent to 10 per cent on all non-oil products, as part of withdrawal of stimulus measures, with Finance Minister Pranab Mukherjee saying the economy was on the recovery path.
Excise duty was cut by six per cent in two phases since December 2008, from a peak of 14 per cent earlier, to perk up the economy, which came under the impact of deepening financial crisis.
Major auto makers in the country today reacted to the government’s decision to increase the central excise duty to 10 per cent, by saying they will increase car prices — possibly by up to Rs 25,000.
While the country’s largest car maker, Maruti Suzuki India (MSI), said its car will become costly by two per cent, Hyundai Motor India said it will result in a price rise of Rs 6,500-25,000 on average.
Consumers will have to pay more for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver as the government today announced hike in excise duty as part of a partial roll back of stimulus measures announced for reviving the economy.
On the other hand, mobile accessories, medical equipment, energy efficient CFL lamps, set top boxes, compact disc, toys and books will be cheaper on account of some tax concessions offered on these items.