Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
The very design of the GST will bring in revenue buoyancy.
Delhiites will have to shell out more from their pockets for virtually everything from cooking gas to diesel with Delhi government on Monday withdrawing subsidy on LPG and increasing VAT on many items to "generate" additional revenue.
Petrol price has been hiked by Rs 1.63 per litre, excluding VAT, with effect from midnight tonight.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
Also discuss a proposal to increase the minimum VAT rate to 6% from 5%; no decision taken yet
This is the third reduction in rates in one month.
As group CEO, Sudhanshu Vats' job is to steer the television (Colors, Nick, Sonic, MTV, etc) and film businesses of Viacom18 Media.
The government had in January authorised state-owned oil firms to hike diesel prices by small doses of up to 50 paisa per litre every month.
Govt says domestic carriers' financial health a concern.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
Petrol price was on Monday cut by 85 paise per litre with effect from midnight tonight, the second reduction in rates in two weeks.
Trinamool Congress (TMC) supremo Mamata Banerjee on Saturday trained her guns on the Congress, saying that Prime Minister Narendra Modi will become more powerful as the grand old party is not serious about politics, and alleged that the country is suffering because that party does not take decisions.
Petrol price has been reduced by about Rs 2 per litre, in line with falling international oil rates.
While petrol prices are de-controlled, diesel prices are partially deregulated.
Intensifying their stir against the implementation of value added tax from April, traders on Wednesday threatened to down shutters for four days from March 29 and warned of "tough" days ahead for the government.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
The common man was bearing the brunt of the escalating prices of petrol, diesel and cooking gas, the Congress said.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
Manufacturing taxes, VAT will come down, assures Jaitley
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
Ahead of the first meeting of the top decision-making body in nearly eight months, finance ministers of eight states ruled by non-Bharatiya Janata Party and like-minded parties -- Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal -- have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.
Mishra alleged that the Aam Aadmi Party received money from a company of Delhi based lawyer Rohit Tandon, whose assets worth crores have been attached by the Enforcement Directorate over alleged money laundering after demonetisation.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
Only by slashing its current spending can the government hope to generate the rise in domestic savings of about 6% of GDP required to boost investment to the levels needed to achieve its growth goal of 8% a year.
Indian drugmakers' domestic sales of ready-to-take medicines in January-March could be lower than expected as distributors suspended stocking in anticipation of a new value-added tax system coming into force, analysts and industry members said.\n\n\n\n
Jaitley said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore.
The GST Network's chairman Navin Kumar speaks to Dilasha Seth and Indivjal Dhasmana on various aspects of the new tax regime.
Chief Minister Manohar Parrikar yesterday said the state has already slashed Value Added Tax on Air Turbine Fuel refuelled in the state from 22 percent to mere 12.5 per cent.
The official panel on value added tax decided on Thursday to ask the Centre to cut Central Sales Tax, imposed on inter-state movement in goods, to three per cent from the current four per cent from October.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
'The question often being asked is whether the demand for petrol and diesel is price inelastic?' asks Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
The Delhi government rolled back the hike in value added tax (Vat) on diesel, bringing down the price by Rs 2.50 a litre. Following the reduction in the levy, the price of diesel will be Rs 37.60 with effect from July 20, lower than the Rs 38.10 that prevailed before the recent increase of June 25.the Goa Cabinet also approved a partial roll back of Vat that would reduce prices of a cooking gas cylinder by Rs 15, petrol by 88 paise and diesel by 70 paise.
Gujarat has topped with a score of 71.14% on ease of doing business list.
In a bid to lower the impact of an unavoidable hike in petrol and diesel prices, Oil Minister Murli Deora has asked states like Delhi and Andhra Pradesh to lower sales tax (VAT) on auto fuels and shift towards specific rates.
The noted economist said some of the bad loans are due to a slowdown in the economy and asset restructuring companies are part of the solution.
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