Vat

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

Punjab govt raises fuel VAT, ends power subsidy to tackle fiscal crisis

The Punjab government increased VAT increase on petrol and diesel, raising the tax by 61 paise per litre for petrol and 92 paise per litre for diesel

Rajasthan reduces VAT on petrol, diesel; hikes DA of employees by 4%

The Rajasthan government on Thursday announced a 2 per cent reduction in VAT on petrol and diesel and a 4 per cent hike in dearness allowance of employees and pensioners ahead of the general elections. The decisions will become effective from Friday morning. The government announced a 4 percentage point hike in dearness allowance of employees and pensioners on the lines of the Centre. The decisions were taken in the state cabinet meeting held here on Thursday evening. Speaking with reporters after the meeting, Chief Minister Bhajanlal Sharma said, "There were discrepancies regarding the prices of diesel and petrol in Rajasthan. We have removed this anomaly and have reduced the VAT rate by two per cent." He said that due to two per cent reduction in VAT on petroleum products and steps taken by oil marketing companies, the prices of petrol and diesel will come down in the state. The Chief Minister said that the reduced prices on petrol and diesel will be applicable from 6 am on Fri

Delhi to make tax admin faceless, Rs 41k cr GST, VAT collections estimated

The Delhi government will strengthen its Goods and Services Tax administration, making it faceless to boost revenue, Finance Minister Atishi said while presenting the annual budget 2024-25, envisaging Rs 76,000 crore outlay on Monday. The government will source Rs 41,000 crore through Goods and Services Tax (GST) and VAT, which will be 70 per cent of the total tax revenue of Rs 58,750 crore estimated in budget 2024-25. In fiscal 2023-24, the GST and value-added Tax (VAT) collections until January 2024 witnessed a growth of 13.96 per cent year-on-year to Rs 31,445 crore, Atishi said. "Now, the next step of the Kejriwal government is to make the IT infrastructure of GST state-of-the-art and the entire GST Tax Administration faceless," the finance minister said. The Delhi government is working on data analytics and automation software in collaboration with IIT Hyderabad. This will help in tracking, monitoring and simplifying the refund process through artificial intelligence and data

India may face 10.5% VAT on production under CBAM regime: ADB study

Sectors like ferrous metals, electricity, petrochemicals expected to be worst impacted

Rajasthan's trade bodies flag increasing production cost concerns

Industries, including firms in the micro, small and medium enterprise (MSME) sector, are finding it difficult to survive the competition due to higher costs compared to neighbouring states

Uttar Pradesh tax mop-up may zoom 40% to Rs 2.62 trillion in FY24

Together, the state's composite tax and financial resources add up to Rs 5.46 trillion in FY24, up more than 17 per cent compared to the corresponding figure of Rs 4.65 trillion in FY23

Delhi govt's GST, VAT collections rose by 17% in first half of FY24

The Delhi government's GST and VAT collections rose by 17 per cent in the first half of the current fiscal 2023-24 to more than Rs 19,100 crore, compared to the corresponding period last year, officials said on Tuesday. The total Goods and Services Tax (GST) and value-added tax (VAT) collected by the Delhi government in the first half of 2022-23 was Rs 16,352 crore, they said. "With this increase, the GST and VAT collections are likely to cross the estimated collection targets this year," said a senior government officer. According to official figures, the Delhi government collected Rs 19,101 crore from GST and VAT in the first two quarters of 2023-24 (April-June and July-September) as compared to Rs 16,352 crore in the first half of FY 2022-23. "The GST and VAT collections are likely to register a major jump with festival season leading to a shopping boom in the coming months," said the officer. According to official figures, the month-wise collection of GST and VAT was Rs 3,886

McDonald's, Domino's and 200 others now face a Rs 30,000 cr tax demand

Seeking about Rs 30,000 crore in taxes for the FY11-FY15 period, these notices were sent by the tax authorities in the last six months

Delhi petrol pump owners protest; demand removal of VAT, margins revision

Petrol pump owners in the national capital held a protest at Jantar Mantar on Wednesday, demanding the removal of value added tax (VAT) on petrol and diesel and revising their margins on sales. Representatives of various dealer welfare associations of petrol pump owners from other states also participated in the protest. The protesters demanded the removal of VAT, terming it "disruptive", and include petroleum products in the goods and services tax (GST) regime. The last revisions took place in 2017. The prices of petrol and diesel have gone up while the margins have remained constant, said Ranjit Kumar, president of Uttar Pradesh Petroleum Traders Association. It is becoming difficult for us to sustain ourselves with the current static margins and the oil marketing companies have remained unresponsive to our legitimate demands, said Paramjit Singh Doaba, the president of the Punjab Petrol Pump Dealers Association. The associations also flagged the issue of adulterated diesel. Due

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

Top headlines: Reading limit on Twitter, Delhi gets Rs 1,700 cr in excise

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Delhi govt collects Rs 1,700 cr in excise duty, VAT in April-June quarter

The Delhi government's Excise department has earned nearly Rs 1,700 crore in excise duty and value added tax in the first quarter of 2023-24, official data showed. In the 2022-23 fiscal, the department had raked in Rs 6,821 crore by selling over 62 crore bottles of liquor. The amount included Rs 5,548.48 crore as excise duty and Rs 1,272.52 crore as value added tax. The Excise department expects the revenues to increase in the next few months with the opening of more liquor shops. "Beer is preferred during the summer months by customers. It has a lower excise duty, which is why the revenue collection in the first half is always relatively lower as compared to the second half of the financial year when whisky sells more," said an official. The city government's Delhi State Industrial and Infrastructure Development Corporation, Delhi Tourism and Transportation Development Corporation, Delhi State Civil Supplies Corporation and Delhi Consumers' Cooperative Wholesale Stores operate 574

Nepal traders stop importing vegetables from India after govt slaps 13% VAT

Traders in Nepal on Tuesday said they have stopped importing onions, potatoes and other vegetables from India after the government slapped a hefty 13 per cent Value-Added Tax (VAT) on these items last month. Opposition lawmakers have criticised the Nepal government's move, arguing that it would make low-income families vulnerable to food insecurity and increase the agony of people who are already hit hard by skyrocketing inflation. According to the financial bill introduced in Parliament on May 29, imported onions, potatoes and other vegetables and fruits will now be subjected to a 13 per cent VAT. Finance Minister Prakash Sharan Mahat has defended the move, asserting that it was intended to protect local farmers and trim imports. Nepal imports almost all its onions from neighbouring India. Last year, it imported 173,829 tonnes of onions from India. Nepal grows potatoes that cater to around 60 per cent of local demand, while the rest are also imported from India. Opposition lawm

Increasing VAT on petrol, diesel burden on common man: Sukhbir Badal

SAD President Sukhbir Badal condemned the AAP government for putting an unprecedented burden on the common person and farmers by repeatedly increasing VAT on petrol and diesel

Invoices, cheque payment not sufficient to claim ITC under VAT: SC

Apex court allows tax authorities' appeal against Karnataka High Court judgment

Maharashtra govt cuts VAT on aviation jet fuel, gives carriers relief

New rate will be applicable in Mumbai, Pune and Raigad districts, says state budget

Punjab cabinet imposes 90 paise per litre cess on sale of petrol, diesel

The Punjab Cabinet on Friday gave its approval for a marginal increase in the VAT rates levied on the sale of petrol and diesel in the state

Congress-led Himachal govt hikes VAT on diesel by Rs 3.01, BJP slams move

With this, the diesel is now costs Rs 86 per litre in the state

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

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, and 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. The minister said, currently the petrol price in India is one of the lowest. He said the oil marketing companies together suffered losses of Rs 27,276 crore due to high prices of crude in international markets. I suggest MPs from the opposition impress upon their state governments to reduce the VAT so that they can also join the celebrations, he said. Puri said India imports more than 85 p