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  • Essar Oil in talks to extend January UK VAT payment deadline Sep 27, 2021 08:05 AM IST

    Essar Oil in talks to extend January UK VAT payment deadline

    Essar Oil said it still needed to pay 223 million pounds ($305 million) to HM Revenue & Customs (HMRC) by January, confirming an earlier report in the Sunday Times newspaper, which said the company had used the government’s pandemic VAT deferral scheme last year.

  • Jyotiraditya Scindia seeks VAT reduction on aviation turbine fuel in Madhya Pradesh Sep 01, 2021 10:51 AM IST

    Jyotiraditya Scindia seeks VAT reduction on aviation turbine fuel in Madhya Pradesh

    "I have written a letter to all chief ministers in the country to reduce the Value Added Tax (VAT) on ATF (aviation turbine fuel). There are eight-nine states where it is in the range of one to four per cent, and that has resulted in 15 per cent increase in flights from those states," the minister said.

  • Experts divided on Kerala High Court order seeking decision on GST on petrol, diesel Jun 25, 2021 05:24 PM IST

    Experts divided on Kerala High Court order seeking decision on GST on petrol, diesel

    Bringing petrol and diesel under GST would lead to uniform pricing across India and help companies offset the tax paid against GST liabilities, but the current system of taxation brings a big chunk of revenue for the Centre and states.

  • Petrol prices nearing Rs 100 per litre in Mumbai; check rates in your city May 24, 2021 08:24 AM IST

    Petrol prices nearing Rs 100 per litre in Mumbai; check rates in your city

    Petrol and Diesel Prices Today: With no change in fuel prices, petrol price in Delhi remained at Rs 93.21 per litre on May 24. Diesel price remained at Rs 84.07 per litre in the national capital.

  • Relief to fuel consumers, four states cut taxes on petrol and diesel Feb 22, 2021 12:14 PM IST

    Relief to fuel consumers, four states cut taxes on petrol and diesel

    West Bengal, Assam, Rajasthan and Meghalaya have cut state taxes to cool down fuel prices. But among these states, diesel is now cheaper than Delhi only in Meghalaya.

  • PM's assurance on natural gas inclusion under GST spells new investment opportunities Feb 19, 2021 08:55 AM IST

    PM's assurance on natural gas inclusion under GST spells new investment opportunities

    When natural gas is brought under the ambit of GST, the government should ensure that it also includes distribution of gas and regasification of LNG

  • Rajasthan govt announces 2% cut in VAT on petrol, diesel Jan 29, 2021 12:05 PM IST

    Rajasthan govt announces 2% cut in VAT on petrol, diesel

    The state finance department late Thursday issued orders, which came into effect from Thursday midnight. Chief Minister Ashok Gehlot said that despite the price of crude oil being at the lowest level for a long time at the international market, inflation is rising as prices of petrol and diesel are hovering at all-time high levels and the common man is facing economic difficulties.

  • Plug the tax leak in natural gas Nov 02, 2020 08:20 AM IST

    Plug the tax leak in natural gas

    The government should bring the fuel under GST as soon as possible to give a boost to its clean energy drive

  • Thailand proposes to tax foreign internet companies Jun 09, 2020 07:00 PM IST

    Thailand proposes to tax foreign internet companies

    Thailand is expected to add about 3 billion baht ($95.72 million) to its coffers annually from the move, which will affect services such as music and video streaming, gaming, and hotel booking, Thanadirek added, without naming any companies.

  • Saudi Arabia to raise VAT threefold amid 'painful' austerity measures May 11, 2020 09:38 AM IST

    Saudi Arabia to raise VAT threefold amid 'painful' austerity measures

    A measure aimed at shoring up state finances, battered by low oil prices and a severe coronavirus-driven slowdown.

  • Budget 2020: Oil Ministry pitches for inclusion of natural gas in GST Jan 29, 2020 04:07 PM IST

    Budget 2020: Oil Ministry pitches for inclusion of natural gas in GST

    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.

  • Fuel pumps in Rajasthan to shut operations for 24 hours over increased VAT rate today Oct 23, 2019 08:35 AM IST

    Fuel pumps in Rajasthan to shut operations for 24 hours over increased VAT rate today

    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.

  • Apple Inc, luxury brands drop prices at China as VAT cuts come into effect Apr 02, 2019 12:16 PM IST

    Apple Inc, luxury brands drop prices at China as VAT cuts come into effect

    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.

  • Excise cut on ATF unlikely to make airfares cheaper — Here's why Oct 11, 2018 11:54 AM IST

    Excise cut on ATF unlikely to make airfares cheaper — Here's why

    Apart from custom and excise duty, airlines pay each state a value added tax ranging between 3 to 30 percent on ATF

  • Vijay Goel leads cycle rally, demands Delhi govt to reduce VAT on fuel prices Oct 09, 2018 01:55 PM IST

    Vijay Goel leads cycle rally, demands Delhi govt to reduce VAT on fuel prices

    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.

  • Government rules out excise duty cut as petrol, diesel prices hit fresh high Sep 10, 2018 05:50 PM IST

    Government rules out excise duty cut as petrol, diesel prices hit fresh high

    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.

  • Haryana to reduce VAT on jet fuel to 1% under regional connectivity scheme Jun 26, 2018 07:55 PM IST

    Haryana to reduce VAT on jet fuel to 1% under regional connectivity scheme

    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.

  • No pure GST on petrol, diesel; 28% tax plus VAT on anvil under it: Government official Jun 20, 2018 05:06 PM IST

    No pure GST on petrol, diesel; 28% tax plus VAT on anvil under it: Government official

    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.

  • Excise duty, state VAT cut in offing to cool fuel prices? May 23, 2018 03:32 PM IST

    Excise duty, state VAT cut in offing to cool fuel prices?

    Oil marketing companies can also be asked to slow down the pace of increase in price revisions and absorb some of the cost

  • Watch | Why are oil prices rising? May 22, 2018 07:19 PM IST

    Watch | Why are oil prices rising?

    Crude oil prices have risen to about $80 a barrel from about $55 in October.

  • Watch | Decoding taxes on petroleum products Apr 16, 2018 04:11 PM IST

    Watch | Decoding taxes on petroleum products

    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.

  • What spike in crude could mean for downstream oil cos – will govt. go back on its words? Apr 12, 2018 07:45 PM IST

    What spike in crude could mean for downstream oil cos – will govt. go back on its words?

    Brewing geopolitical tensions coupled with fears of trade wars and inventory cuts are expected to keep crude up in the near term

  • China adjusts import tariffs, VAT for some tech equipment Jan 08, 2018 03:40 PM IST

    China adjusts import tariffs, VAT for some tech equipment

    These include nuclear, oil, gas, coal, petrochemical and aircraft equipment, the Ministry of Finance said on its website.

  • Saudi, UAE introduce VAT in first for Gulf Jan 01, 2018 03:47 PM IST

    Saudi, UAE introduce VAT in first for Gulf

    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.

  • Manual processing of refund applications making GST regime more primitive than VAT: Amit Mitra Dec 22, 2017 12:45 PM IST

    Manual processing of refund applications making GST regime more primitive than VAT: Amit Mitra

    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.

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