Explore Business Standard
Don’t miss the latest developments in business and finance.
Value Added Tax
Normal life was partly affected in Mizoram on Wednesday as commercial vehicles, including private buses and maxi-cabs, stayed off the roads because of their 12-hour strike, demanding a reduction in fuel prices. Ten organisations of vehicle owners and drivers called the strike from 6 am to 6 pm under the banner of the Mizoram Commercial Vehicle Union (MCVU), demanding a reduction in the prices of petrol and diesel, which were hiked on September 1 in the state. Normal life was partly affected in state capital Aizawl and some other towns as people faced inconvenience with buses and maxi-cabs staying off the road. However, state-run buses operated as usual, an official said, adding that services of two-wheeler taxis were also normal. No untoward incident was reported during the strike, he said. The state government hiked VAT on petrol from 5.23 per cent to 10 per cent and on diesel from 16.36 per cent to 18 per cent with effect from September 1. Besides, the government also imposed a
The Bihar government on Tuesday announced a reduction in VAT on compressed natural gas (CNG) and piped natural gas (PNG), used for domestic purposes and motor vehicles, by 7.5 per cent - from 20 to 12.5 per cent - in the state. The government also announced the reduction of VAT on PNG, used by industrial units manufacturing goods, from 20 per cent to 5 per cent. The decision to this effect was taken in a Cabinet meeting chaired by Chief Minister Nitish Kumar here. Talking to reporters, soon after the cabinet meeting, S Siddharth, Additional Chief Secretary (ACS), Cabinet Secretariat, said, The state Cabinet approved reduction in VAT on CNG and PNG, used for domestic purposes and motor vehicles, from 20 per cent to 12.5 per cent in the state. Industrial and business organizations requested the state government to slash the VAT as it is higher than that in neighbouring states, he said. After consideration, the government decided to reduce it on natural gas sold through the city gas
Maharashtra Deputy Chief Minister Ajit Pawar on Friday announced a financial assistance scheme entailing a monthly allowance of Rs 1,500 to eligible women in the age group of 21 to 60 years in the state Budget for 2024-25. Pawar, who holds the finance portfolio, said in his budget speech in the assembly that the scheme, "Mukhyamantri Majhi Ladki Bahin Yojana", will be implemented from July, four months ahead of the state polls which are due in October. An annual budgetary allocation of Rs 46,000 crore will be made for the scheme, he said. Announcing another welfare scheme, the finance minister said an eligible family of five will get three cooking gas cylinders free every year under the 'Mukhyamantri Annapurna Yojana'.
In a bid to enhance revenue, the Himachal Pradesh government on Saturday increased the value added tax (VAT) on diesel by Rs 3 per litre to Rs 10.40 per litre. VAT on diesel has been increased from 9.90 per cent to 13.9 per cent, an increase of Rs 3 per litre from Rs 7.40 to Rs 10.40 per litre, as per the notification issued by the State Excise and Taxation department. Justifying the increase, chief minister Sukhvinder Singh Sukhu on Saturday said the previous BJP government had reduced the VAT by seven per cent on the eve of the last assembly polls held in November 2022 and the increase was imperative for mobilising resources along with other measures. He said the state has suffered huge losses due to heavy rains and resources have to be mobilized in this hour. The roads, water supply schemes and electricity have been restored temporarily and it would take almost a year to restore the damaged infrastructure. In spite of an increase in VAT, diesel is cheaper in the state as compare
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