Page 2 - Vat

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

No new tax or VAT increase in Uttar Pradesh, announces CM Adityanath

Uttar Pradesh Chief Minister Yogi Adityanath on Friday said that keeping in mind the larger public interest, the government has neither increased the VAT and nor has imposed any new tax in the state

Maharashtra govt cuts VAT on petrol by Rs 5, diesel by Rs 3 per litre

Shinde informed reporters after a cabinet meeting at Mantralaya that the decision would entail a burden of Rs 6,000 crore on the state exchequer

'Smokeless' LPG bringing tears to eyes as prices rise 30% in one year

LPG rates this week were hiked by Rs 50 per 14.2-kg cylinder, taking the total increase in last one year to Rs 244 or 30 per cent.

Further cut in state VAT on fuels can soften inflationary pressure: RBI Guv

Das said in his remarks while spelling out the outcome of the ongoing monetary policy review meeting that started on Monday.

Punjab: Opp parties demand cut in VAT on fuel as govt slashes excise duty

The opposition parties on Sunday demanded from the AAP government in Punjab to reduce VAT on fuel after the Union government slashed excise duty on petrol and diesel to give relief to consumers

Maharashtra reduces VAT on petrol by Rs 2.08/ltr, diesel by Rs 1.44/ltr

A day after the Centre reduced excise duty on fuel, the Shiv Sena-led Maharashtra government on Sunday slashed the VAT on petrol by Rs 2.08 per litre and diesel by Rs 1.44 per litre. A statement issued by the government said the state exchequer will have to bear an annual loss of Rs 2,500 crore as a result of this decision. After reducing the VAT on petrol and diesel, the per month revenue from petrol will reduce by Rs 80 crore, while that from diesel by Rs 125 crore. The central government on Saturday announced a record Rs 8 per litre cut in excise duty on petrol and Rs 6 reduction on diesel.

Italy lowers fuel taxes to help tackle surging prices due to Ukraine war

A statement from the office of PM Mario Draghi read, excise taxes on gasoline, diesel fuel, liquified petroleum gas, and all forms of natural gas will be lowered starting Tuesday, until atleast July 8

68% of taxes on petrol and diesel taken by Centre, alleges Congress

The grand-old party has been attacking the government for high taxes on fuel despite low international crude prices

PM talked about VAT on fuel by states, didn't mention govt excise: Gehlot

Gehlot claimed Centre has earned about Rs 26 trn from excise duty in 8 years which, he said, is the highest amount earned by any dispensation in history of the country by imposing tax on petrol-diesel

Blame game does not give relief to common man: Fadnavis on Uddhav's remark

Senior BJP leader Devendra Fadnavis also asked chief minister Uddhav Thackeray whether he would slash the VAT on petrol and diesel in July when Union government clears all the dues

Centre earned highest revenue by taxing petrol & diesel: Ashok Gehlot

Rajasthan imposes VAT of 30 per cent on petrol and 22 per cent diesel, which are among the highest in the country

Nine states have not reduced VAT on petrol, diesel: Hardeep Puri in RS

The minister also informed the house that fuel prices have gone up by over 50% in many countries but have remained stable and risen by a mere 5% in India during the pandemic

Petrol to be cheaper by Rs 8 in Delhi as AAP govt decides to cut VAT: Rpts

The Delhi government on Wednesday decided to reduce the VAT on petrol, bringing down the price of the fuel in the city by about Rs 8 per litre, official sources said. At a cabinet meeting chaired by Chief Minister Arvind Kejriwal, it was decided that the Value-Added Tax (VAT) on petrol will be reduced from the present 30 per cent to 19.4 per cent, leading to a cut of around Rs 8 per litre, they added. The price of petrol after the VAT cut will go down from the current Rs 103 per litre to Rs 95 per litre, the sources said. The petrol price in Delhi was higher as compared to the NCR cities in Uttar Pradesh and Haryana, where the state governments had announced a VAT cut following the Centre reducing the excise duty on fuel prices.

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 ...