Maharashtra cuts excise duty on imported liquor by 50%
Business | November 22, 2021 11:14 ISTThe excise duty on imported scotch whiskey has been brought down from 300 per cent to 150 per cent of the manufacturing cost.
The excise duty on imported scotch whiskey has been brought down from 300 per cent to 150 per cent of the manufacturing cost.
Chief Minister Bhupesh Baghel would take a decision on reduction of value-added tax (VAT) on fuel prices in a cabinet meeting scheduled to be held on November 22.
The relief to consumers came on the eve of Diwali. The Finance Ministry said that excise duty on petrol will come down by Rs 5 and that on diesel by Rs 10.
The Modi government has given a big gift to the country on Diwali. The excise duty on petrol has been reduced by Rs 5 and on diesel by Rs 10. This decision of the government has brought great relief to the people troubled by the skyrocketing prices. After the reduction of excise duty by the Centre, 10 NDA ruled states including UP have also reduced the VAT. Will other states also reduce VAT? Watch Muqabla with Saurav Sharma.
The government on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record-high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the Centre, the total incidence of price reduction is higher. The reduction was larger in states with higher VAT.
Petrol and Diesel prices have been cut across the country after the central government reduced excise and states slashed VAT charges. Excise duty has been reduced by Rs 5 on petrol and Rs 10 on diesel while deduction in VAT varies from state to state.
Calling the reduction in excise duty on petrol and diesel 'inadequate', the RJD leader alleged that the Modi government is doing a drama.
This is a move that will surely give relief to consumers, farmers and all sections of society. Along with the excise duty cut, the Centre appealed to all state governments to reduce VAT on petrol and diesel accordingly.
Petrol and Diesel will be cheaper from November 4 (Thursday) as the government on Wednesday announced a reduction in the excise duty by Rs 5 and Rs 10 respectively. Following Centre's move, several states including Assam, Tripura, Karnataka, Goa, Uttarakhand and Manipur have also announced a reduction in VAT to bring down fuel prices in their respective states.
"This decision taken by Modiji will not only lighten the burden on the pocket of the common man but will also prove to be a great help in controlling inflation," Rajnath Singh further said.
Rs 2-3 per litre cut in excise duty on petrol and diesel might be announced as a shield to prevent a further spike in prices of fuels.
The resolution alleged the Modi government is bent upon "robbing" the people of India by all-around inflation and is completely oblivious to the economic worries and challenges being faced by the average Indian.
Sitharaman, who had raised excise duty on petrol and diesel to record high to shore up revenue collections last year, said the interest on oil bonds paid in the last seven years totalled Rs 70,195.72 crore.
The price of all kinds of liquor will be increased by 20 per cent in Puducherry from Thursday, the Union Territory's excise department has announced. More to follow.
The liquor bottles were seized from the Dadar-Tirunelveli express train at the Mangaluru railway station, the Excise Dept sources said.
The decision to exempt customs duty was taken at a meeting chaired by PM Narendra Modi to boost oxygen availability in India.
Analysts say that the government has room to cut excise duty on petrol and diesel by up to Rs 8.5 per litre without impacting its target for revenue from the tax on the two fuels.
Here is some news that will cheer the tipplers in Rajasthan. As per the state excise policy for 2021-22 declared on Saturday, beer shall be available at a cheaper rate from April 1 onwards.
Jammu and Kashmir government on Sunday announced to hike retail excise duty on liquor by 50 per cent on maximum retail price from May 18.
The Assam government has increased the excise duty on liquor by 25%, said Assam Industries and Commerce Minister Chandra Mohan Patowary on Friday.
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