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: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« General »
 India's tax department signs 3 advance pricing agreements
 Income Tax Dept to probe deeper into suspicious bank accounts
 Modi may lower taxes to spur demand in his budget sops
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy

As petrol prices rise, govt rakes in R 1 lakh cr from taxes
November, 24th 2011

At a time when the government is arguing that "under-recoveries" for oil companies are forcing an upward revision in oil prices, its own coffers have seen windfall gains from taxes on high prices. Indirect taxes on petroleum fetched the exchequer Rs 1 lakh crore in 2010-11, a jump of 43% or over Rs 30,000 crore from the previous year.

That's not all. The government's earnings from dividends and royalty payouts as well as profit on petroleum from private oil contractors was a sizeable Rs 20,000 crore in the fiscal ending March 31, 2011.

After the last hike on November 3, 2011, the oil ministry had said that "it is entirely misleading to calculate profit of oil companies based on the quotes of international crude and product prices of a few days." It also pointed out that the companies were expected to lose Rs 1.32 lakh crore during the current financial year, or 26% of India's oil import bill.


Similar arguments have been put foward each year and before and after every hike. But the dividend payout increase of 13% in 2010-11 in the state-controlled oil companies over the previous year reveals a much better performance than most other corporate houses, particularly in a year when the industry has been going through a global financial turmoil and a slowdown.

After the recent hike in fuel prices, the government had blamed the increase on the global situation, a "problem beyond control of the government." The rise in international crude prices and a devalued Indian rupee had led to a hefty oil import bill, it had said.

But against the claim that the oil companies and the government are sharing the burden of an abnormal hike in international crude prices, the income generated through indirect tax collections paints a different picture.

The government's earnings through royalty, dividends and profit sharing have been steadily rising over the years. They have risen by 32% in 2010-11 in comparison with the 2008-09 figures.

The government had earlier in June cut duties to give some relief to the common man by reducing import duty on petrol and diesel from 7.5% to 2.5% while doing away with customs duty of 5% on crude oil. The excise duty on diesel was reduced by Rs 2.60 to Rs 2 per litre.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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