More Levies on Cigarettes and Diesel Cars Planned by Government

01 November 2011 - Which Way to Pay

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More Levies on Cigarettes and Diesel Cars Planned by Government

Proposals to introduce additional levies on diesel cars and cigarettes are being considered by the finance ministry. Such increases are hoped to generate vital funds without stunting economic growth and aggravating inflation. As well as this increase, taxes on services are also under question as to whether they should be inflated. The government is struggling financially following revenues in the sluggish economy not meeting projections.

It would seem that the finance ministry is taking a serious look at where revenue can be generated, boosting revenues in any way they can. The 4.6% fiscal deficit target of GDP is the reason behind the austerity measures, with the government working hard to hit it. The finance ministry is also keen to show its ability to deal with such stressful financial circumstances.

The decision over the levies is expected to be made by Pranab Mukherjee, the finance minister, following a review of October’s indirect tax collection figures. The figures will be published later this week. The Prime Minister met with economists earlier this month, a meeting which addressed issues of increased excise duty and service tax.

September saw excise duty collections drop for the first occasion in 16 months. Customs duty stayed the same, adding to fears that the government will not be able to meet the new target of Rs 4.40 lakh crore for indirect taxes. Data released on Monday showed that by half way through the year, the government has already collected a fiscal deficit of 70% of budget estimates, even with stopping expenditure almost completely.

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