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The state Cabinet meeting, chaired by Chief Minister Nitish Kumar, approved the proposal of the Commercial Tax department to reduce VAT on ATF to attract more commercial flights
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A decision in this regard was taken by the council of ministers in a meeting chaired by Chief Minister Bhagwant Mann here.Addressing the media after the Cabinet meeting, Finance Minister Harpal Singh Cheema said the decision has been taken to raise VAT on petrol and diesel
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While Goa and Andhra Pradesh have increased VAT on jet fuel, around 13 major airports in India have increased the user development fees (UDF), a levy designed to bridge revenue shortfall and ensure fair returns for airports.
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InterGlobe Aviation's yield per passenger rose to Rs 5.24 in the June quarter from Rs 5.18 a year ago. However, its yield per passenger in Q2FY24 stood at Rs 4.44.
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Kenya protests erupt over Finance Bill 2024, proposing higher taxes. Citizens resist VAT on bread, mobile money taxes, and eco levies. Government backs down amid deadly clashes, promising dialogue.
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Jet fuel and natural gas are more likely to be included under GST than petrol and diesel, given their minimal revenue impact on states.
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Thirty-one states and union territories have already reduced VAT on aviation turbine fuel to between 1 and 5 percent. Aviation ministry sources say the remaining five will also reduce VAT in the near future, lifting the burden of high costs on airlines.
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An increase in yearly excise fees followed by the doubling of VAT on liquor is likely to have a negative effect on businesses, while reasonable liquor prices encourage spending, boost revenues and enhance the overall appeal of Maharashtra as a tourism destination, HRAWI vice-president Chetan Mehta said.
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Due to the tax hike, the overall VAT rate for liquor services in permit rooms will be 10 percent.
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Rajendra Singh Bhati, State President of the Rajasthan Petroleum Dealers Association, said the protest will be held against high VAT on fuel in the state.
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Some of the companies that received VAT notices said that they had already paid service tax on these transactions.
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The Himachal Pradesh government has increased the VAT on diesel by Rs 3 — from Rs 7.4 to Rs 10.4 — per litre.
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VAT on diesel has been increased from 9.90 per cent to 13.9 per cent, an increase of Rs 3 per litre from Rs 7.40 to Rs 10.40 per litre, as per the notification issued by the State Excise and Taxation department.
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Nepal imports almost all its onions from neighbouring India. Last year, it imported 173,829 tonnes of onions from India.
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Centre likely to write a letter to states. At present, VAT on natural gas falls under the domain of states, and rates vary from state to state. According to an estimate, subsidy to the tune of about Rs 12,500 crore increases annually on account of VAT alone.
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The incentive came into effect this month and will remain in place until the end of the year, the Coordinating Ministry of Maritime and Investment Affairs said in a statement.
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The reduction in jet fuel prices is too insignificant to pass on in view of continued high demand in the domestic market.
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Presenting the 2023-24 Budget on Thursday, Maharashtra Deputy CM and Finance Minister Devendra Fadnavis also announced the reduction of Value Added Tax (VAT) on ATF to 18 per cent from 25 per cent.
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Budget 2023: The Budget announcement on inclusion of fuel in GST will help in reducing the overall burden of fuel prices on end users and cool inflation. There hasn't been any indication from the GST Council so far on bringing fuel under the consumption tax.
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Diesel prices would increase from Rs 83 to Rs 86.
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Hardeep Singh Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, and reduced their Value Added Tax (VAT).
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He said the decrease in VAT on aviation turbine fuel (ATF) from 26.5 per cent to one per cent by the J-K administration has set a new dawn for air connectivity in the Union Territory.
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The progressive collection of OGST till August 2022 is Rs 6,267.93 crore against Rs 4,836.75 crore in the same period last year, with a growth rate of 29.59 per cent.
