Basic Excise Duty News Today

"While ITC trades at reasonable valuations (26x FY25e EPS), we expect the stock to remain range-bound, given near-term volume moderation (c.2% decline in 3Q), tax uncertainty until the final Budget and overhang from potential BAT stake sale," Maheshwari said.

The industry had sought uniform additional compensation cess on cigarettes/compensation cess on bidis/additional compensation cess on smokeless tobacco products/or lower compensation cess on cigarette sticks up to 70 mm. They had also sought a lowering of GST on electric vehicle batteries from 18% to 5%

New Delhi: The Goods and Service Tax (GST) fitment committee has declined the industry's request to reduce the tax on EV batteries and tobacco products, reported Moneycontrol.

Indias central government has collected the highest amount of taxes from tobacco and tobacco products from the populous states Uttar Pradesh, Karnataka and Maharashtra. Finance Minister Nirmala Sitharaman said that taxes from cigarettes, pan masala and allied products account for approximately 2.39% of gross tax revenue for 2022-23.

Union Finance Minister Nirmala Sitharaman on Sunday clarified that the entire cost of the reduction in excise duty on petrol and diesel is borne by the Central government and the states revenue wont be impacted by the move.

Ms Sitharaman, in a series of tweets, explained that the excise duty component that has been slased not shareable by the state and the Centre bears the full cost.

Finance Minister Nirmala Sitharaman on Sunday said that excise duty reduction has entirely been made in road and infrastructure cess

Union Finance Minister Nirmala Sitharaman on Sunday clarified that the entire cost of the reduction in excise duty on petrol and diesel is borne by the central government and the states revenue wont be impacted by the move.

The duty reduction made in November 2021 has an implication of Rs 1,20,000 crore a year for Centre.

With healthy revenue collections through GST and excise, the government is comfortably placed for now. But will the Centre effect excise cuts in fuel prices to provide relief to the common man?