Value Added Tax

Six non-BJP ruled states have not reduced VAT on petroleum products: Puri

Six non-BJP ruled states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT on petroleum products, leading to higher prices of petrol and diesel there, Petroleum Minister Hardeep Singh Puri said on Thursday. Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, reduced their Value Added Tax (VAT). 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. "Some of them are charging VAT at the rate of Rs 17 and other non-BJP states are charging at Rs 32. So, there is a differential. When the member was saying that today the cost of petrol is Rs 100 per litre in some places -- in some places which are non-BJP states -- and in other states, it is Rs 8-10 cheaper," he said. The minister said, currently the petrol price in India is one of the

Insurer needn't pay for VAT on unsold goods

The National Commission said VAT is payable only on sale. If goods are damaged before sale, VAT is not payable, so to claim it is incorrect

Minister Jitu Vaghani announces 10 pc VAT cut on CNG, PNG in Gujarat

Gujarat Education Minister Jitu Vaghani on Monday announced 10 per cent value-added tax (VAT) reduction on compressed natural gas (CNG) and piped natural gas (PNG) by the state government

Maharashtra govt to soon reduce VAT on fuel, says CM Eknath Shinde

A decision to reduce VAT on fuel will be taken in the state cabinet, Shinde informed the House, while replying to a debate after he won the floor test

States gained Rs 49k crore when fuel prices rose, have room to cut VAT: SBI

States gained Rs 49,229 crore from VAT revenue on fuel when oil prices were increasing and will forego Rs 15,021 crore now that excise duty on fuel has been cut, SBI Research said in a report

Telangana rejects calls to cut fuel VAT, says had no hike in seven years

The Value Added Tax (VAT) on petrol in Telangana is 35.2 per cent while it is 27 per cent on diesel

Reduce VAT on fuel to control prices in national interest: Modi to states

He said the Centre had urged states to reduce taxes and transfer the benefit to the citizens

China January-February industrial profit up but mired in single-digits

Profits rose 5.0% in January-February from a year earlier, compared with a 4.2% gain reported in December, said the National Bureau of Statistics

Gujarat govt announces reduction in VAT on aviation turbine fuel by 20%

The Gujarat government on Tuesday announced a 20 per cent reduction in value-added tax (VAT) on aviation turbine fuel (ATF) to bring the levy at 5 per cent in a move to boost tourism in the state.

Karnataka government reduces VAT on aviation turbine fuel to 18%

The decision will bring relief to airlines and help airlines reduce their fuel expenses

Sustainable fuel taxes

India needs a more transparent tax structure

23 states lower VAT rates on petrol, diesel after Centre's excise duty cut

According to an official statement, states that reduced fuel prices the most were Karnataka, followed by Puducherry and Mizoram

Essar Oil seeks extension on settling value-added tax arrears in UK

This seemed to be intended to calm speculation that it may be on the brink of collapse, following media reports to this effect

GST rate rationalisation: The larger objective

Besides merging the rate slabs of 12 per cent and 18 per cent, the GST Council could consider phasing out exemptions to those commodities that were subject to VAT duty by the States

Why can't states opposed to farm laws be allowed to accept them later?

If eight states could join the VAT system after the rollout date, why can't the same apply to states opposed to farm laws?

Best of BS Opinion: Time for statesmanship, Make in America, and more

Here's a selection of Business Standard opinion pieces for the day

At up to 50%, cars in India suffer among the highest tax rates globally

Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%

Signs of economic revival as UP revenue collection jumps 6.74% in August

After sluggish mop up in April and May, state earnings have been improved with revenue collection in July at Rs 10,675 crore, or 97% of the level achieved the same month a year ago

Diesel to get cheaper in Delhi by more than Rs 8 per litre as govt cuts VAT

The decision was taken at the cabinet meeting chaired by chief minister Arvind Kejriwal.

Making GST work

Only a simpler tax structure will increase compliance