Besides, both corporate tax receipts and personal income taxes have shown double digit growth in FY23. Excise duty receipts contracted in spite of the government imposing a windfall tax on production of crude oil and export of petrol, diesel and jet fuel last year. The windfall tax levied in the form of special additional excise duty on crude oil, petrol and diesel is reviewed every fortnight on the basis of the international prices of these commodities. Centre lowered the excise duty on petrol and diesel in May last year by ₹8 and ₹6 a litre respectively. of Experience in Indirect Taxation – GST, Service Tax, Excise, Customs, VAT/CST, FTP, DGFT matters etc.

Source: Mint June 02, 2023 17:17 UTC