VAT
Buying gold overseas seen to lose lustre as duty cut push domestic sales
Indian jewellers foresee a surge in domestic gold purchases due to a significant customs duty cut in the 2024-25 budget. This change has narrowed the price gap between India and Dubai, making Indian gold more appealing. The reduction is expected to boost domestic gold production, and jewellers plan to introduce new designs to attract customers.
Assam slashes VAT on CNG from 14.5% to 5% till 31st March 2027
Assam government reduces VAT on CNG to 5% to promote clean fuel, allocates funds for cancer care, free medical treatment, and development projects. Cabinet Ministers to visit Barak Valley monthly. Financial boost for Bodoland development approved.
Multi-state ED raids in Rs 10k cr VAT scam case
The Enforcement Directorate (ED) conducted searches in Haryana and Punjab linked to a ₹10,618 crore VAT scam. The agency alleges that a syndicate, including Amit Bansal and others, falsely claimed interstate sales of goods without actual movement. They obtained fraudulent refunds through false input tax credits using "C" forms. The entities involved were often registered at premises owned by syndicate members. The scam was allegedly facilitated by Excise and Taxation Department officers, including Gopi Chand Chaudhary and Narender Kumar Ranga.
"Khata-khat...": BJP slams Congress over fuel hike in Karnataka, says our government brought down prices
Puri emphasised that the Centre has taken steps to lower the prices of petrol and diesel. He noted that in states governed by parties opposed to the BJP, the prices of petroleum products remained higher. Puri highlighted that BJP-led states responded to the Modi government's reduction in excise duty by also reducing VAT, which contributed to lowering the prices of petrol and diesel in those states.
New govt not in favour to sell stake in OMCs, says Oil Minister Puri
India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run oil firms, following the scrapping of the Bharat Petroleum Corporation Ltd (BPCL) divestment process in 2022. The Indian firms are also in talks for a term oil deal with Russia.
Vat Savitri Vrat 2024 today: Shubh Muhurat, puja vidhi, Savitri-Satyavaan katha and significance
Vat Savitri Vrat 2024 (Google Trends): Hindu married women celebrate Vat Savitri Vrat today, fasting and praying to the Banyan Tree for their husbands' well-being. This festival, held on June 6, 2024, involves traditional rituals and reciting the legend of Savitri and Satyavaan. Observed in different regions on either Amavasya or Purnima Tithi, it highlights deep cultural and spiritual traditions.
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Government slashes domestic natural gas prices amid major pricing overhaul
The Ministry of Oil lowered domestic natural gas price to USD 8.44 per mmBtu for June 2024, following a new pricing mechanism. This adjustment aims to stabilize the market and meet energy targets, benefiting consumers and producers alike.
Paris, Milan become the new favourite shopping destinations for travellers after London's 'Tourist Tax'
After Brexit, the UK discontinued tax-free shopping incentives, leading thousands of tourists to redirect their shopping to Paris, Milan, and Madrid. Despite lobbying efforts, the UK remains steadfast in its decision. The shift has resulted in increased spending per person, particularly in France and Italy. While some argue the policy negatively impacts tourism, the UK government asserts it benefits public finances.
Petrol costliest in Andhra Pradesh & Kerala; BJP-ruled MP, Bihar close behind
Petrol and diesel prices vary across Indian states due to differences in local sales tax or VAT rates. While some states like Andhra Pradesh, Telangana, and Kerala have the costliest fuel, smaller states and Union Territories like Andaman & Nicobar Islands and Delhi offer cheaper rates. Recent price cuts provide relief to consumers, but rates remain above Rs 100 per litre in some regions due to higher VAT.
Rajasthan govt cuts VAT on petrol, diesel; hikes DA of employees by 4%
Rajasthan govt reduces fuel VAT by 2%, aligns dearness allowance with Centre. Effective Friday, Rs 1500 crore burden. 50% dearness allowance from Jan 1, 2024, benefiting 4.40 lakh pensioners.
Pidilite appoints Sudhanshu Vats as MD designate; Bharat Puri to step down
Kavinder Singh is appointed as Executive Director and Joint Managing Director designate, while Sudhanshu Vats is announced as the new Managing Director designate. Vats had leadership roles at EPL Ltd, Viacom 18 Media, Hindustan Lever, and Mahindra Holidays and Resorts India Ltd.
Budget 2024: A likely fuel tax cut will support India's consumption
Union Budget 2024: The cut in excise duty on petrol/ diesel that the government had done last year was mainly in response to the spike in global crude oil prices. Since the peak of US$ 120/bbl touched in mid-2022, global crude oil prices have fallen by 50% to current level of US$ 80/bbl.
Cooking gas LPG rates for Ujjwala consumers cheapest in India compared to neighbouring nations: Govt
Petroleum Minister Hardeep Singh Puri informed the Rajya Sabha that the price of domestic cooking gas (LPG) for a 14.2 kg cylinder under the Pradhan Mantri Ujjwala Yojana (PMUY) at Rs 603 is the cheapest in India compared to rates in neighboring countries.
PNGRB chairperson meets Himanta Biswa Sarma, highlights importance of City Gas Distribution
The Chairperson briefed the CM about the progress of Oil & Gas Infrastructure in the state of Assam and role that Assam is playing towards realising the Prime Ministers vision for creation of Gas based economy.
Over 6,300 petrol pumps remain shut in Rajasthan due to strike against high VAT
Over 6,300 petrol pumps in Rajasthan were closed for eight hours on Wednesday as part of a strike by operators protesting against high VAT on diesel and petrol. The strike will continue on Thursday as well. The Rajasthan Petroleum Dealers' Association called the strike, demanding a reduction in VAT.
VAT now? Companies face tax demand worth Rs 30,000 crore
Around 200 companies, including Colgate Palmolive, L'Oreal, and McDonald's India, have received notices from state tax authorities demanding taxes under the pre-GST regime. The states are seeking about ₹30,000 crore in taxes for the FY11-FY15 period, claiming that value-added tax (VAT) should be levied on the transfer of intellectual property rights (IPRs). Some companies argue that they have already paid service tax on these transactions.
Petrol pump owners in Delhi stage protest demanding removal of VAT, revision of margins
The associations also flagged the issue of adulterated diesel. Due to the absence of any monitoring system, the tankers are used extensively for selling chemical mixed adulterated diesel. The protesters submitted a memorandum to the Ministry of Petroleum demanding it to increase their margins on petrol and diesel sales as well as the inclusion of petroleum products in the GST regime.
Delhi High Court asks taxman to process Flipkart India's ₹6.63 crore claim in three weeks
A division bench of Justices Yashwant Varma and Dharmesh Sharma said "...we note that the respondents (VAT tax officer) clearly appear to have acted arbitrarily in making numerous adjustments post May 31, 2015 and, thus illegally depriving the petitioner (Flipkart) of the refund as claimed."
India insulated itself from rising fuel prices; enhancing refining capability: Oil Minister Hardeep Singh Puri
India maintained "affordability" of petroleum products notwithstanding disruptions in the global energy markets and the hike in prices of petrol and diesel in the last two years has been marginal compared to several large economies and neighbouring nations, Oil Minister Hardeep Singh Puri said
VAT on diesel increased by Rs 3/litre in Himachal, cheaper compared to Punjab, Haryana, Uttarakhand: CM Sukhu
The Himachal Pradesh government has increased VAT on diesel by INR 3 per litre to INR 10.40 per litre. The government claims that the increase is necessary to mobilize resources for the repair of infrastructure damaged by heavy rains. The increase in VAT marks the second hike in diesel prices in six months, and its negative impact is expected to extend to the transport and inflation sectors.
Delhi govt collects Rs 1,700 crore in excise duty, VAT in April-June quarter
The Delhi government's Excise department has earned around INR 1,700 crore from excise duty and value-added tax in the first quarter of the 2023-24 fiscal year. The department expects revenues to increase with the opening of more liquor shops, as beer sales tend to be higher in the summer months.
Petrol, diesel prices go up in Punjab as state govt increases VAT on petrol, diesel
The state excise and taxation department released the notification regarding the increase in fuel VAT on Saturday.Ashwinder Singh Mongia, the owner of a fuel business in Mohali, claimed that the VAT on diesel had increased by 1.13 percent to 12 percent and the tax on petrol by 1.08 percent to 15.74 percent.
In a relief to contractors, Karnataka HC asks govt bodies to bear differential GST burden
The dispute between contractors and government arose due to the entering of works contract before July 1, 2017, when the GST replaced the VAT regime. There were also situations where work was completed during VAT regime, but payments were made during the GST regime; contracts were entered during VAT regime but executed both during both VAT and GST regimes or bids were invited during the VAT regime but were finalised during the GST regime.
Increased E&P, import diversification, biofuels part of India's four-plank energy security strategy: Hardeep Singh Puri
While the nation is dependent on imports to meet 85 per cent of its oil needs and 50 per cent of its natural gas requirements, India is mixing ethanol extracted from sugarcane and other agri produce in petrol to cut overseas reliance.
Six non-BJP ruled states have not reduced VAT on petroleum products: Hardeep Puri
Six states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT, he said amidst vocal protests by the opposition members.
Gujarat cuts VAT on CNG and PNG by 10%
Consumers purchasing compressed natural gas (CNG) will see prices drop by Rs 6 or Rs 7, while piped natural gas (PNG) will see a Rs 5 to Rs 6 drop. Current prices in the western state range between Rs 80 and Rs 84 per kg.
Bring fuel under GST to cushion from impact of volatile oil prices, says SBI report
This is not the first time that the experts have suggested inclusion of fuel under the GST regime. Speaking to Mint, Bibek Debroy, chairman of Prime Minister Narendra Modi’s Economic Advisory Council (EAC-PM), also advocated bringing fuel under the GST. The SBI report said that the states have a further fiscal room to cut taxes on fuel by Rs 2-5 per litre.
Rajasthan govt reduces VAT on petrol by Rs 2.48, diesel by Rs 1.16
Earlier on Saturday, in a significant step aimed at providing relief to people from high fuel prices, the Centre announced a reduction in excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.
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