Skip to main content

Three states cut VAT on fuels

Three states cut VAT on fuels
Maharashtra, Gujarat and Himachal Pradesh on Tuesday reduced valueadded tax (VAT) on petrol and diesel.The move follows the Centre cutting excise duty on petrol and diesel by Rs 2 per litre last week.Petrol in Maharashtra will be cheaper by Rs 2 and diesel by Rs 1 per litre from Wednesday.
Finance Minister Sudhir Mungantiwar said the decision would cause an annual revenue loss of Rs 2,000 crore to the state exchequer but “the government is ready to bear the additional financial burden despite Maharashtra´s economy not being in a good shape.” Gujarat cut VAT on petrol and diesel by 4 per cent. The effective price of petrol in Gujarat will be Rs 67.53alitre and that of diesel Rs 60.77 per litre, Chief Minister Vijay Rupani said. “We have taken this decision in the interest of the people.
The decision should not be considered to have any links with the polls.This is only aimed at giving relief to the people and it is a permanent decision.” The Himachal government reduced VAT on petrol and diesel by 1 per cent, said Chief Minister Virbhadra Singh.
OMCs stand firm against Oct 13 dealer strike
Oil marketing companies (OMCs) have taken a firm stand against the strike planned by dealers on October 13, calling it totally unreasonable.The Petroleum Dealers Federation are protesting the marketing discipline guidelines amended by the OMCs that has made penal action stringent for offences involving short delivery of products, operating automated retail units on manual mode and improper maintenance of toilets.
“There needs to be a reason for their (dealers) demand.We are not going to negotiate on the guidelines given out on October 2,” said Balwinder Singh Canth, director (marketing) at Indian Oil, told reporters at a conference Tuesday.
In the guidelines, dealers have also been directed to pay minimum wages, as notified by the OMCs, and salaries and wages have to be paid through e-payments.However, the changes have not gone down well with the dealers, who are still unhappy with the switch to a daily fuel pricing system from fortnightly.
“Our guidelines are in the interests of the consumer and we will not put public into inconvenience during this festive season,” said Canth, who clarified that about 1,000 company owned company operated outlets of all OMCs would ensure products were available for consumers.Dealers have also demanded goods and services tax on petrol and diesel concerns expressed by dealers towards home delivery of fuel to consumers, OMCs said this was in the interest the consumer.
It would be undertaken after approval of the Petroleum Safety Organisation.OMC officials also said not all dealers were keen on the strike and some have already informed of their nonparticipation.
The Business Standard, New Delhi, 11th October 2017

Comments

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025