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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT Audit :: empanelment
« Sales Tax »
 India Fails to Break Deadlock on New Sales Tax
 Sales tax staff protest against goods service tax council
 Income tax survey on city jeweller
 Service tax levy to weigh on upstream companies’ earnings
 5 pc tax on online sales awaits Cabinet approval
 Amendment to Additional Sales Tax Act unconstitutional: High Court
 Maharashtra will soon achieve Rs one lakh cr sales tax : CM Devendra Fadnavis
 CBEC chief bats for minimal exemptions for India Inc under GST
 Issuance of Free Sale & Commerce Certificate to Merchant Exporters
 Why model GST law does not give confidence to exporting community
 State governments tighten their grip on sales tax holidays

Reduction of sales Tax on Petro-Products
December, 17th 2008
International prices of crude oil and petroleum products have remained volatile in the recent past. The Indian basket of crude oil, which averaged $79.25 per bbl during 2007-08 had gone up to $120.91 per barrel in May08. It touched an all time high of $142.04 on 3.7.2008. In order to deal with huge under-recoveries of OMCs on sale of sensitive petroleum products, the Government had marginally increased the retail selling prices of Petrol, Diesel and Domestic LPG by Rs.5/- per litre, Rs.3/- per litre and Rs. 50/- per 14.2 kg. cylinder respectively with effect from 5.6.2008. In order to cushion the burden of the price hike on Petrol, Diesel and Domestic LPG effected on 5th June 2008, an appeal was made to the State Governments to moderate the State Taxes and to begin with, at least forego the incremental tax on the said increase on Petrol and Diesel prices. Based on this appeal, several State Governments like West Bengal, Bihar, Maharashtra, Gujarat, Uttar Pradesh, Kerala, Goa, Assam and Uttaranchal have reduced Sales Tax on Petrol and Diesel. The State Governments of Tamil Nadu, Haryana and Jharkhand have reduced Sales Tax on Diesel and the Union Territory of Chandigarh has reduced Sales Tax on Petrol. In addition, the State Governments of Maharashtra, Goa, Gujarat, Haryana, Uttaranchal and Uttar Pradesh as well as the Union Territory of Chandigarh have abolished the VAT on Domestic LPG. State Governments of Delhi and Andhra Pradesh have also provided State subsidy on Domestic LPG. This was stated by the Minister of State for Petroleum and Natural Gas Shri Dinsha Patel in a written reply to a question by Shri Rajkumar Dhoot, Member of Parliament in the Rajya Sabha today.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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