Value Added Tax

Life in Mizoram partially affected by 12-hr commercial vehicles' strike

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

Bihar govt announces reduction in value-added tax on CNG, PNG by 7.5%

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

Maha Budget: Women to get Rs 1,500 monthly; 3 cylinders for family of 5

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'.

United Spirits gets Rs 4.47 cr tax demand from Maharashtra authorities

The state tax authority has demanded Rs 1.21 crore as MVAT, including a penalty of Rs 1 lakh, and Rs 3.26 crore as CST

VAT on diesel rose by Rs 3/litre in Himachal, cheaper than Punjab: CM Sukhu

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 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?