CPI leader Gurudas Dasgupta asked the government on Monday to reduce the tax burden on petroleum products and clubbed their consumption in the country.
As full-service carriers hiked fares and surcharges due to skyrocketing jet fuel prices, the no-frill ones have launched special offers with SpiceJet on Thursday announcing the sale of three lakh tickets for Rs 3 each plus taxes and surcharge from Friday.
Private airlines will explain before the Delhi High Court the reasons for imposing a Rs 150 per head surcharge to meet additional jet fuel expenses while aircraft hovers over major airports due to air traffic congestion.
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
Move to be aimed at reducing subsidies on the fuel.
Since the Budget announcement on July 5, FIIs have been busy unloading their stock.
A greater payment security mechanism for power generation companies to ensure timely payouts for supply of electricity will be in focus in 2022 as stricter rules are on the anvil for 24x7 power supply amid discoms' outstanding dues at a whopping Rs 1.56 lakh crore. Mounting outstanding dues of distribution companies (discoms) to electricity generation companies (gencos) have been a perennial issue affecting the entire value chain in the power sector and are also a hindrance for the ambitious goal of 24x7 power supply across the country even when the payment for coal is made in advance. The situation persists despite the fact that discoms' dues become overdue after 45 days of generating bills and they also have to pay penal interest on the overdue amount in most of the cases to gencos.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
The increase in MAT rate from 15% to 18% in effective terms to 19.93% from 16.995% would mean higher cash outflow for the companies paying tax at MAT Rate like Balrampur Chini and Bajaj Hindusthan.
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Recommending an end to all cesses and surcharges on taxes, and free pricing of fertiliser and fuel ahead of the Union Budget for 2009-10, the Economic Survey on Thursday suggested aggressive divestment and financial sector reforms to bring the economy back to high growth track.
The hike in aviation turbine fuel prices is likely to lead to a 10-14 per cent increase in fares on metro routes and long-haul flights. The oil companies hiked ATF prices by 14 per cent as a result of global rise in crude oil prices over the last few months. Now, most airlines, including Jet Airways and SpiceJet, are looking at imposing a differential surcharge - a smaller increase on shorter routes than longer routes.
Officials said the oil marketing companies had provided data to the Income Tax department.
The disappointment of the year is government's failure in finalising the re-drafted aviation policy.
Being one of the early commentators to flag economic slowdown and caution investors on corporate earnings, Gautam Chhaochharia, head of India research, UBS Securities, in an interview with Hamsini Karthik says the markets remain in an expensive zone despite the recent correction.
Vistara needs to launch more aircraft into service.
On a day the United Progressive Alliance government was voted out of power, it committed a gaffe by withdrawing a railway tariff hike within hours of announcing it.
While Rakesh Jhunjhunwala is up 14.9% during the year to Rs 12,381 cr, Ashish Dhawan is up 68.4% to Rs 810 cr, Ashish Kacholia is down 23.4% to Rs 515 cr, Rajiv and Dolly Khanna are down 74.6% to Rs 116 cr and Vijay Kedia is down 6.2% to Rs 294 cr.
Signals received from the government in the past one year reflect a state of utter confusion, says Abhishek Tripathi.
Foreign airlines charge $100-200 or euro 75-150 for excess baggage, while Indian airlines charge Rs 300-500 per kg above 15 kg.
'The Modi regime is not willing to use its huge political capital for taking any economic policy measure that it fears might undermine that political strength, says A K Bhattacharya.
Despite the headwinds both on the domestic and global fronts, Ramesh S Damani, member, BSE and a prominent investor, says India will weather a global trade war better than a lot of other Asian countries.
The finance minister defended the change in the tax rates.
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
'Underestimating its potential implications, in the event of an 'adverse' verdict, could turn out to be a huge political blunder,' says Mohammad Sayeed Malik, the distinguished commentator on Kashmir.
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Lowering excise duty on petrol, diesel, and other fuels, branded fuels.
Asian shares ended higher after a string of positive US economic data.
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A raise in the I-T exemption limit has been sought by many.
Modi's'Make in India' drive launched last September included laying out a model of "port-led" development that would support industrial growth.
Rates to go up as Delhi power regulator works out plan to liquidate past dues.
'On the tax front, most of the Budget proposals are sensible'.
Finance Minister Arun Jaitley presented the Union Budget.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
'Greenpeace has been brutal in targeting both India and the Manmohan Singh government. The push to go after Indian coal is driven by its long-term agenda. What is surprising is that China has not been meted out the same treatment, despite the fact that the rise of China as an economic power has been built around generating power from coal. 'Being richer and more affluent, yet far less democratic, there is less room for an NGO such as Greenpeace to drive home a complicated global agenda, so there is more of a tendency to go along with anything the Chinese offer despite China being the biggest by far with regard to coal use. But for India, it reserves tougher prescriptions, notably for its middle class, says Srinivas Bharadwaj.
