The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
US President Donald Trump has 'America First' as his priorities and this includes making America safe again, making the country affordable, achieving energy dominance, draining the swamp and bringing back American values, the White House said on Monday.
Coal India Limited's (CIL) October-December quarter of financial year 2023-24 (Q3FY24) results have beaten the Street's estimates. Revenue rose 3 per cent year-on-year (Y-o-Y) to Rs 36,200 crore, led by higher volumes and better realisation from Fuel-Supply Agreement (FSA) coal. The blended average selling price (ASP) was down 6 per cent Y-o-Y to Rs 1,727 per tonne, and the FSA ASP was up 3 per cent Y-o-Y to Rs 1,532 per tonne.
Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier.
Traversing from being just vehicle manufacturers to mobility solutions providers amid a raging debate over which eco-friendly technology must be incentivised, the Indian automobile industry is driving in the new year under the shadow of a slowdown in sales with the post-pandemic pent-up demand in distant memory. The shift in the auto industry -- where advanced technologies like autonomous driving, vehicle intelligence, connected features and electrification are quickly gaining traction -- will be reflected in the upcoming Bharat Mobility Global Expo in which India's flagship Auto Expo has been clubbed to be held from January 17-22, 2025 in Delhi-NCR.
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
The government has reduced the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF, in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 1,900 per tonne from Rs 2,100 per tonne, the order dated January 16, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates, and reduced the levy on export of diesel and jet fuel (ATF). At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
'If weak indicators persist, there is a risk that India could slip into a prolonged slowdown similar to the one experienced between 2014 and 2019,' warns Debashis Basu.
Activist short-seller Nathan Anderson, known for his high-profile campaigns against the likes of Adani Group, said he is closing his firm, Hindenburg Research, not because of any threat -- legal or otherwise -- and that he stands by all its reports.
Funds raised by banks through certificates of deposit in December clocked the highest in the financial year 2023-24 as liquidity remained tight in the system with the Reserve Bank of India (RBI) infusing Rs 2.01 trillion on Monday, the highest in the current financial year. The liquidity deficit in the banking system widened to more than Rs 2 trillion on Monday on the back of advance tax outflows, market participants said. Around Rs 4 trillion worth of outflows are expected because of advanced tax and goods and services tax (GST) payments in December.
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
The forthcoming budget needs to delay fiscal consolidation, instead should focus more on supporting the pandemic battered-economy and boost consumption demand by offering income tax soaps and cutting fuel taxes, says a report. In a pre-budget report, India Ratings said it expects the new budget to consolidate and strengthen the plan set out in the last budget, rather than trying out new things by continue with the revenue and capital expenditure pattern of FY'22 to provide stability and consolidation to the past/ongoing efforts, and to focus on boosting demand by generating employment opportunities in areas/sectors that have been impacted more by the pandemic. The report therefore expects the finance minister to delay fiscal consolidation and make it to be a gradual and calibrated process, thus ensuring the necessary fiscal support that the economy needs is available till the recovery acquires its own momentum.
Doubling standard deduction to Rs 1 lakh, increasing tax break on interest paid on housing loan and rationalisation of capital gains tax regime are some of the expectations that consultancy firm KPMG has from the Budget 2024-25 to be unveiled on July 23 in Parliament. There has been a significant rise in medical expenses, fuel costs and overall inflation.
'In terms of incentives, if you think about it, hybrids are a 20-year-old technology.'
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
The cryptocurrency exchanges in India have got a fresh lease of life following the bull run in Bitcoin, which briefly hit a new all-time high of more than $69,000. Siddharth Sogani, managing director of CREBACO, expects the price to cross $1,00,000 by the end of the year. This will see a sharp reversal in the Indian market, which has largely been dormant since the new tax regime was implemented in 2023.
Maruti Suzuki India (MSIL) will hold discussions with the Centre and state governments on how the production of compressed biogas (CBG), which can be used in vehicles that run on compressed natural gas (CNG), can be expanded in the country, its majority shareholder Suzuki Motor Corporation (SMC) said. The demand for CNG vehicles has been rising significantly in the country. MSIL sold 145,000 CNG vehicles in the first quarter of 2024-25, marking a 28.3 per cent year-on-year (Y-o-Y) growth.
the largest transactions of the year include the merger of Quality Care India and Aster DM Healthcare valued at $5.08 billion, followed by Bharti Enterprises' acquisition of a 24.5 per cent stake in the BT Group at $4.08 billion, and a family settlement transaction in the Godrej family at $3.5 billion.
Reliance Industries' (RIL's) oil-to-chemicals (O2C) business is likely to remain under pressure for the remaining of the current financial year, according to analysts and company executives. "Management guides for softness for the next couple of quarters in both retail and O2C businesses," analysts at BOB Capital Markets noted in an after-results report on RIL. For the July-September quarter (Q2) of 2024-25 (FY25), RIL's O2C business reported a 5.1 per cent year-on-year increase in revenue to Rs 1.55 trillion.
'At present, hybrids emit lesser carbon despite using fuel than pure play electric cars.' 'That is because EVs have to be charged and 76 per cent of the country's electricity is still coal-based and not renewables.'
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
The Petroleum Federation of India, the apex body of public and private oil firms, has submitted to the oil ministry a 100-day agenda for the new government. On top of its list is decontrol of petrol and diesel prices. Currently, public sector retailers sell auto fuel at government-dictated rates, which the private sector competition is unable to match in times of high input cost (crude oil prices).
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
State-owned mining giant, Coal India, is hoping to recover around 75-80 per cent of its liabilities from customers with whom it has long-term fuel supply agreements (FSAs) after the Supreme Court (SC) allowed states to recover dues retrospectively. A legal recourse, however, is underway. "We are impacted in two states - Jharkhand and Odisha.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
Aviation Minister Praful Patel has requested FM to rationalise taxes on aviation fuel in Budget 2008-09.
The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
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Such direct import was formally allowed in February 2012 but the aviation companies lack the infrastructure to do so.
India Inc continued to grapple with muted revenue growth in the September 2024 quarter (Q2FY25) and witnessed a decline in margins and profits. The headwinds were especially severe for non-financial companies, while banking, financial services, and insurance (BFSI) firms significantly outpaced the rest of the corporate sector. The total profit of 1,353 listed companies that have released their Q2FY25 results thus far dropped by 0.6 per cent year-on-year (Y-o-Y) - the first cumulative earnings decline in eight quarters.
Rising energy demand could tilt India's energy basket towards fossil fuels from coal to oil, natural gas.
There are reports that the government will soon cut income taxes by about Rs 50,000 crore to boost consumption.
Prime Minister Modi, I suggest that, instead, you distribute about one lakh crore rupees per year to the 80 crore poor, which will boost both consumption and economic growth, suggests Kalyan Singhal, McCurdy Professor of Business at the University of Baltimore.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
'Two would be premium products and three would be mainstream products.'
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