May 11, 2020 09:38 AM IST A measure aimed at shoring up state finances, battered by low oil prices and a severe coronavirus-driven slowdown.
January 29, 2020 04:07 PM IST When the Goods and Services Tax (GST) was introduced on July 1, 2017, amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
October 23, 2019 08:35 AM IST Sunit Bagai, president of the Rajasthan Petrol Diesel Association (RPDA) said fuel pumps located in the border areas are on the verge of shutdown due to increased VAT rate.
April 02, 2019 12:16 PM IST Price tags for products listed on the Apple's China website were lowered on April 1 morning, including a discount of up to 500 yuan ($74.44) for some of its latest iPhone models.
October 11, 2018 11:54 AM IST Apart from custom and excise duty, airlines pay each state a value added tax ranging between 3 to 30 percent on ATF
October 09, 2018 01:55 PM IST The Modi government being sensitive to problems of people due to rising prices of petrol and diesel, reduced Rs 2.5 on it and now it is Kejriwal's turn to do the same and reduce the prices by at least Rs 5, the minister said.
September 10, 2018 05:50 PM IST While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), the official said.
June 26, 2018 07:55 PM IST The scheme would support airline operators with concessions by the central government, state governments and airport operators to reduce the cost of airline operations on regional routes, or other support measures, the Cabinet meeting was informed.
June 20, 2018 05:06 PM IST The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states.
May 23, 2018 03:32 PM IST Oil marketing companies can also be asked to slow down the pace of increase in price revisions and absorb some of the cost
May 22, 2018 07:19 PM IST Crude oil prices have risen to about $80 a barrel from about $55 in October.
April 16, 2018 04:11 PM IST In this year, petrol prices have been raised by Rs. 4.05 per litre in Delhi, Rs. 4.01 per litre in Kolkata, Rs. 4 per litre in Mumbai and Rs. 4.26 per litre in Chennai.
April 12, 2018 07:45 PM IST Brewing geopolitical tensions coupled with fears of trade wars and inventory cuts are expected to keep crude up in the near term
January 08, 2018 03:40 PM IST These include nuclear, oil, gas, coal, petrochemical and aircraft equipment, the Ministry of Finance said on its website.
January 01, 2018 03:47 PM IST Saudi Arabia compounded the New Year blow for motorists with an unannounced hike of up to 127 per cent in petrol prices with immediate effect from midnight.
December 22, 2017 12:45 PM IST Due to lack of interface in place between the Goods and Services Tax network with the customs electronic date interchange (EDI) and the Directorate General of Foreign Trade (DGFT), the Centre is using ledger for manual records for refunds, Mitra said.
December 19, 2017 02:09 PM IST “Government is in favour of bringing petroleum products under GST. We would like to await consensus of the states and hope states at some stage soner or later agree to the consensus,” said Jaitley.
November 28, 2017 02:58 PM IST "Coal has been included and levied with 5 per cent tax but gas is outside GST, how fair is that," he said at the KMPG Energy Summit here.
October 13, 2017 02:35 PM IST "The Madhya Pradesh government has decided to reduce VAT on petrol by 3 per cent. The VAT on diesel is reduced by 5 per cent. Moreover, the additional cess of Rs 1.50 per litre has also been withdrawn," state Finance Minister Jayant Malaiya announced after a meeting with Chief Minister Shivraj Singh Chouhan.
October 11, 2017 02:41 PM IST It is unlikely that the government would want to tinker with the GST structure and introduce any slab higher than 28 percent. But if it decides to bring it under GST, it will be at a huge cost.
October 10, 2017 01:07 PM IST Earlier in the day, Gujarat became the first state to announce a reduction it VAT on diesel and petrol. In a move seen as an attempt to lure voters in the poll-bound state, the Vijay Rupani dispensation announced a 4% reduction in VAT.
October 10, 2017 12:12 PM IST Move follows the Centre decision to bring down down excise duty on petrol and diesel by Rs 2 per litre
October 05, 2017 02:19 PM IST The relief to the consumers comes at the expense of government finances that are already struggling
September 28, 2017 08:13 AM IST The Centre had requested states to reduce the VAT rate on ATF by one per cent, to encourage flight services connecting important cities in the country.
August 28, 2017 02:59 PM IST Tax collected in the maiden filings under the GST regime, which kicked in from July 1, are still being compiled as the last date for filings under different rules is not yet over, he said.
