Page 2 - Value Added Tax

Oil companies pause after hiking petrol, diesel prices for 21 days straight

On June 27, price of petrol was increased by Rs 0.25 per litre while that of diesel by Rs 0.21 per litre. Rates differ from state to state, depending on value-added tax (VAT)

Diesel crosses Rs 80-mark in Delhi for first time; petrol up by 16 paise

Diesel price continued to be higher in the city for the second consecutive day

GST boost to MSMEs

The definitional changes made for MSMEs would address the problem of "dwarfism"

Saudi Aramco plans $75-billion dividend even as profit plunges 25%

Saudi Aramco, the world's most valuable listed company, will pay a dividend of $18.75 billion for the first three months of 2020.

UP, Karnataka, TN hike duty on liquor as buffer for Covid-19 loss

UP govt also raises tax on petrol and diesel

Centre raises excise duty on petrol by Rs 10 per litre, diesel by Rs 13

No change in retail prices as oil marketing firms to absorb increase

Petrol, diesel get costlier as Delhi govt hikes VAT amid Covid-19 lockdown

Following the revision, the price of petrol in Delhi increased by Rs 1.67 to Rs 71.26 a litre and diesel by Rs 7.10 to Rs 69.29.

Centre owes Rs 3 trillion to states and industry amid Covid-19 outbreak

Assocham President Niranjan Hiranandani said his talks with government officials showed dues to industry and states were pending in the form of refunds of I-T, VAT, and GST, and compensation

Petrol, diesel get costlier as states increase VAT amid coronavirus crisis

Both Kolkata and Mumbai saw an increase of Rs 1.01 each on petrol to Re 1 each on diesel. However, prices in Delhi remained unchanged

Oil price crash: Domestic petrol, diesel prices may fall in the near future

Auto fuel prices may see a cut of another Rs 9-13 per litre over a fortnight if crude oil remains at same level

Some criticism of GST put in proper perspective

The fact is that GST is not a flat tax

Budget 2020: Oil ministry calls for inclusion of natural gas under GST

If brought under GST, natural gas will attract a uniform rate of tax at the consumption point anywhere in the country after doing away with current rates of excise duty and VAT

GST, VAT collection dips as 6 states' tax revenue till November FY20 falls

On the other hand, tax revenues rose 13.44 per cent for West Bengal in this period

Soon, govt may introduce lottery system to incentivise GST filing

On the lines of the Delhi government's scheme for consumers under the VAT regime, the Centre's lottery system will aim to increase compliance

States agree to cut VAT on petrol products in relief for manufacturers

Manufacturers have been hit by a higher tax outgo that comes without any input credit

Petrol, diesel get cheaper in Gujarat as VAT cut by 4% before Diwali, polls

Gujarat govt will suffer a loss of Rs 2,316 crore annually; move follows Centre's decision that reduced excise duty on fuel by Rs 2 per litre

After Delhi, Maharashtra & Himachal, Uttarakhand govt cuts VAT on fuel

The move comes after three other states, Maharashtra, Gujarat and Himachal Pradesh, cut Value Added Tax (VAT) to bring down fuel prices.

HC seeks Centre, Delhi govt responses on levy of VAT by restaurants

Petition claims many eateries in Delhi charge VAT on entire bill, not on portion deemed as 'service' under Service Tax Rules

Tangle over withdrawal of incentives

The Supreme Court has stated that if the interpretation of a notification on value-added tax leads to an absurdity, it should be avoided. The court stated so in its judgment, State of Jharkhand vs Tata Steel Ltd, where the company demanded benefits under the Jharkhand Value Added Tax Act. The company's unit was originally in Bihar but after the bifurcation of the state, it fell into the new state of Jharkhand. While the Bihar government had granted certain sales tax benefits as incentives for the company to invest in the state under the industrial policy, the Jharkhand government passed the VAT Act and notifications, which affected the benefits granted originally. It led to multiple litigation, mainly on the issue whether a dealer enjoying the benefit of tax exemption is allowed to convert the facility from payment of tax into the facility of deferment. The company sought 13 years for repayment from the time of grant of benefit. The court stated that "such interpretation not only cause