Additional solicitor-general says extra-neutral alcohol liable to new tax
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
The GST will be a national sales tax that will be levied on consumption of goods or use of services
Amid record-high fuel prices, Finance Minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST). When the GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities - crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) - were kept out of its purview given the revenue dependence of the central and state governments on this sector. This meant that the central government continued to levy excise duty on them while state governments charged VAT. These taxes, with excise duty, in particular, have been raised periodically.
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.
The last day of the budget session in the Delhi assembly witnessed uproar
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
The revision in rates announced by Indian Oil Corp is excluding VAT and the actual change will be higher after considering them
The very design of the GST will bring in revenue buoyancy.
Petrol price has been hiked by Rs 1.63 per litre, excluding VAT, with effect from midnight tonight.
The country's exports are expected to contract by 5.8 per cent and imports by 11.3 per cent during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021. With gradual recovery of economic activities, the survey said that imports and exports have picked up. During the first half of 2020-21 (April-September), exports dipped by 21.31 per cent to $125.25 billion while imports declined by 40 per cent to $148.69 billion.
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.
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
Govt says domestic carriers' financial health a concern.
A truck carrying a group of 54 migrant labourers and their families from Ahmedabad in Gujarat to Balrampur in Uttar Pradesh rammed into a stationary truck near Lalpur police post on Kanpur-Jhansi highway, killing three people and injuring 43 others.
Petrol price was on Monday cut by 85 paise per litre with effect from midnight tonight, the second reduction in rates in two weeks.
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.
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.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
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.
The Hindutva social media continues to present the DMK especially as anti-god, anti-Hindu and anti-Brahmin. The strategy did not work in the past, it has not worked in the present, and would not work in the future, as a massive vote-getter, asserts N Sathiya Moorthy.
The common man was bearing the brunt of the escalating prices of petrol, diesel and cooking gas, the Congress said.
Manufacturing taxes, VAT will come down, assures Jaitley
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
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.
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.
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.
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.
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 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.
The GST Network's chairman Navin Kumar speaks to Dilasha Seth and Indivjal Dhasmana on various aspects of the new tax regime.
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