Stocks are likely to begin trade on an optimistic note on Wednesday tracking the recovery across global markets. On the domestic front,the government unveiled its third stimulus package after market hours Tuesday which will further boost sentiment.The government cut factory gate duties and service taxes in an effort to boost demand and revive growth in economy as it reels under the impact of the global economic crisis. Stand-in finance minister Pranab Mukherjee announced a cut in excise duty and service tax by 2 per cent each and extended a 4 per cent reduction in excise duty, provided in the first stimulus package, beyond this fiscal-end. He also announced excise duty cut on bulk cement by 2 per cent or Rs 60 per metric tonne, whichever is higher.
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Recovery across global markets helps in Reduction of Excise Duties
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- Govt cuts service tax, excise as alarm bells ring on state of finances 2 years 51 weeks ago
Barely a week after it cited Constitutional propriety to justify no new fiscal measure, the Government today provided a massive Rs 30,000-crore boost to the slowing economy by slashing thecentral excise duty and service tax rates by 2 percentage points each...
- Inflation to touch zero per cent by month-end: Axis Bank 2 years 50 weeks ago
The declining inflation will touch zero per cent by the end of this month on account of cut in excise duty, strong base effect and easing of jet fuel prices, according to Axis Bank."WPI (whole price index) inflation will touch zero per cent by March end 2009, on the back of 2 per cent excise duty cut, a 7 per cent cut in ATF prices and a strong base effect," Azis Bank said in a note.
http://www.indopia.in/India-usa-uk-news/latest-news/519857/Business/4/20...- The Central Board Of Excise and Customs (CBEC) to impose duty on caustic soda 2 years 40 weeks ago
The government has decided to continue the imposition of anti-dumping duty on imports of caustic soda, used in soaps and detergents, from Indonesia and European, Union excluding France, to guard the domestic players from surge in cheap imports. The Central Board Of Excise and Customs (CBEC) had imposed a duty of USD 415.46 per DMT (dry metric tonne) on caustic soda, CBEC said in a notification. The duty would be effective for a period of five years.
- Budget 2010: Fuel prices may rice up to 12 % 2 years 25 min ago
It is essentially going to be a go-slow budget with minor steps towards withdrawal of the stimulus; the fiscal deficit will be somewhere about 5.5-6 per cent. There will be expansion of some of the social sector schemes. What it should do is accelerate the withdrawal of the stimulus and get at least the excise rate back to 12 per cent level.
- Cement industry asks for reduction in VAT 2 years 26 min ago
The cement industry today said that the government should bring the value added tax (VAT) on cement at par with other building materials like steel in the Budget and scrap import duty on coal, gypsum and other fuels.
- Stock Market News 3 years 6 days ago
After the Interim Budget turned out to be a non-event, the Indian stock market will now have to rely on the global markets for fresh triggers.
- Service Tax Online Payment Electronic payment of service tax 1 year 47 weeks ago
Service Tax Online Payment.E-payment of Central Excise and Service Tax is an additional mode of Payment and On-line filling of challans and Service Tax Online Payment of taxes (No more queues and waiting) helps to reduce the stress over mind.
- Microsoft may cut more jobs if economy worsens 2 years 40 weeks ago
To continue to hire and create jobs in line with recovery and growth of the Indian economy.Global software giant Microsoft today said it might dismiss more employees if economic conditions worsen.The company plans to dismiss 1 per cent of its 5,000 employees in India, part of a plan to shed around 5,000 jobs globally.
- Akshaya Tritiya to boost gold prices 2 years 43 weeks ago
Gold prices gained sharply this week on fund buying and good demand in the physical market. Spot gold prices closed 5% up at $912 perounce against the previous week close. In the domestic market the MCX June contract closed up 4% at Rs 14,624 per 10 grams. Analysts expect the prices to remain firm with yellow metal trading above $900 mark and the negative outlook for the global economy.