Page 2 - Vat

Rajasthan cuts VAT to reduce fuel prices by up to Rs 5 per litre

The Rajasthan government on Tuesday decided to reduce petrol price by Rs 4 per litre and diesel rate by Rs 5 per litre from midnight. "In the cabinet meeting today, it was unanimously decided to reduce the rate of VAT on petrol and diesel. After this, the rates will be reduced by Rs 4 per litre in petrol and Rs 5 per litre in diesel from 12 o'clock tonight, Rajasthan Chief Minister Ashok Gehlot tweeted. The meeting chaired by Gehlot was held at the chief minister's residence.

Fuel tax cuts to impact states' kitty by Rs 44,000 cr in FY22: Icra

While the Centre has reduced the road cess component of excise duty which is not shared with states, the cut will bring down the VAT kitty by Rs 9,000 crore, rating agency says

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

Punjab to scrap 40K pending cases of VAT against traders, industrialists

The state has also allowed faceless assessment of GST and VAT, doing away with the need for traders and industrialists to be physically present with tax officers

Essar Oil UK agrees phased payment plan with UK tax authorities

Indian conglomerate Essar's UK arm, Essar Oil UK, on Tuesday said it has entered into a new "time to pay" agreement with the UK's tax authorities, aligned with the company's revenues. The company, which runs the Stanlow refinery at Ellesmere Port in Cheshire, north-west England, had hit some UK media headlines for overdue VAT payments, threatening the future of the refinery. Essar had maintained that it was confident of reaching an agreement with the UK's HM Revenue & Customs (HMRC). Essar Oil (UK) Limited (EOUK) confirms it has entered into a new time to pay agreement with HM Revenue & Customs (HMRC). EOUK and HMRC have agreed a phased payment schedule, aligned with EOUK revenues, the company said in a statement. EOUK is therefore confident of closing the last mile financings in the coming months after having successfully raised USD 1.1 billion earlier in the year, it said. The HMRC said it cannot comment on identifiable taxpayers but noted that a time to pay arrangement ...

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

Talking to several states to reduce VAT on aviation turbine fuel: V K Singh

The aviation ministry is talking to different states urging them to reduce VAT on aviation turbine fuel (ATF), Minister of State for Civil Aviation, Road Transport and Highways Gen V K Singh said

'FTP benefits are available against settlement of claims by ECGC'

Expert answers readers' SME queries related to excise, VAT and exim policy

Petrol stable after breaching Rs 86 a litre in Delhi, diesel crosses Rs 76

Rates differ from state to state, depending on value-added tax. Petrol and diesel prices are revised on a daily basis

Oman to impose value-added tax amid coronavirus, oil price collapse

Oman''s state-run news agency reported the 5 per cent tax "will be applied to most goods and services at each stage of the supply chain."

GST Compensation revives bitter memory of Centre-state tussle over VAT

Under the VAT system, the compensation mechanism linked to the cut in central sales tax from 4% to zero had created bad blood between the union govt and the states

In four hikes, petrol price increased Rs 2.14 per litre, diesel by Rs 2.23

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

Delhi govt lifts 'special corona fee' on liquor from June 10, raises VAT

The 'Special Corona Fee' was imposed last month on the Maximum Retail Price of liquor bottle as the government looked to earn additional revenue, hit badly due to the coronavirus lockdown

Don't eulogise GST for what it isn't

Regarding revenue realisation, there was a huge expectation that GST would lead to checking of leakage of revenue

Tamil Nadu presents fiscal deficit budget, expects 7.27 % growth

State's debt to increase to over Rs 4.56 trillion

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

Chhattisgarh hikes VAT on petrol, diesel; prices rise by Rs 2.25 per litre

The hike is likely to earn Rs 250 to 300 crore to the state exchequer

Some of the conceptual issues in GST

The concept of taxable event was ratified by the SC four decades ago. Analysts should not confuse GST (VAT) with sales tax

Goa govt slashes VAT on petrol by 6%

This is the 3rd time in the last four and a half years that the state govt has slashed VAT on petrol

VAT dept recovers over Rs 2 crore from dealers in Delhi

200 dealers were doing business 'illegally' with the help of 'Bill Banvao Inam Pao Scheme'