Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
VAT (Value Added Tax) »
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods
 Andhra Pradesh to push for same benefits under GST for VAT exempted goods
 Petrol prices set to rise in Goa with increase in VAT
 Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
 Delhi cuts VAT on ATF to 1% for regional flights; other states to announce the same soon a
 Shops cannot charge VAT on discounted items: Consumer forum
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
 Tamil Nadu minister justifies VAT hike on fuel
 State Government urged to withdraw hike in VAT on petrol, diese
 High VAT may encourage illegal trading

Punjab government raises value added tax on diesel, cold drinks, cigarette
October, 10th 2014

People will have to pay more for diesel, aerated drinks and cigarette in Punjab with SAD-BJP led state government raising value added tax (VAT) on these products.

In a notification issued on October 1, Punjab excise and taxation department has increased VAT rate on diesel (other than premium diesel), cold drinks (including aerated drinks, soda) and cigarette and cigar by 1 per cent, 5 per cent and 9.5 per cent respectively.

With this hike, the tax on diesel has increased to 9.75 per cent while VAT on cold drinks and cigarette have jumped to 27.5 per cent and 30 per cent.

Punjab also levies 10 per cent surcharge on VAT rates.

After levying surcharge, the effective tax rates on diesel, beverages, cigarette will be 10.72 per cent, 30.25 per cent and 33 per cent respectively, said an official of Punjab excise and taxation department.

After the hike in VAT on diesel, the retail price of diesel has jumped by 55 paise a litre to Rs. 58.11 per litre.

Punjab annually collects about Rs. 2,600 crore of tax from petroleum products.

Meanwhile, opposition party Punjab Congress today described hike in tax on diesel as "black Diwali gift" for people and demanded its immediate roll back.

In a statement here, Punjab Congress president Partap Singh Bajwa said by effecting the hike in VAT, Chief Minister Parkash Singh Badal, had given "Black Diwali gift" to the people in general, industry and the farmers in particular.

Pointing out that VAT on diesel in Punjab was the highest amongst several states including neighbouring Haryana, Bajwa said Punjab Chief Minister had claimed himself to be the biggest champion of the farmers as it was this section which would suffer the most from this decision in view of the fact that the farm sector in Punjab was known to be the main consumer of diesel.

Taking a dig, PPCC chief said it was Badal who had been attacking the UPA for every hike in the prices of diesel and petroleum on the logic that such decisions were anti-people and add to all round inflation.

"Badal owes an explanation to the people as to why VAT has been increased by one per cent in the state in which it is already being charged at the rate of 8.75 per cent. You can't have double standards on every issue", he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions