Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS :: TDS :: articles on VAT and GST in India :: VAT RATES :: cpt :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD :: empanelment
 
 
« VAT (Value Added Tax) »
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT
 Cos will be reimbursed for exemptions that currently exist in the VAT regime
 GST will get states more than VAT
 Is it a modified Value Added Tax?
 GST regime: VAT Commissioner and CBEC to work with businesses
 Amendments in the Second Schedule appended to the Act (Delhi Value Added Tax Act, 2004)

VAT on Market Price to Push LPG Cylinder Cost up by Rs 30
December, 16th 2014

LPG consumers may have to shell out more money to buy cooking gas under the modified Direct Benefit Transfer for LPG (DBTL) as the state government now levies VAT on the market price of LPG cylinders as against the earlier practice of levying the tax on the subsidised price. At a recent meeting with the governments of Telangana and Andhra Pradesh here, oil marketing companies have requested the governments to make VAT specific (in Rs/kg) for all LPG consumers instead of as ad valorem (if applicable) as now.

In a memorandum to the chief secretaries of TS and AP, the companies noted that due to ad valorem 5 pc tax on a cylinder, DBTL consumers would have to bear a higher VAT as the sale would happen at the market price.

“For example, in the pre-DBTL scenario, 5 pc VAT was levied on the subsidised selling price of cylinder which amounted to Rs 444. The VAT amounted to Rs 21 then. But, in modified DBTL, 5 pc VAT is calculated on the selling price of Rs 1,000, amounting to Rs 50.

Companies cannot reimburse the VAT to cash transfer compliant consumers who have to pay Rs 30 more per cylinder. It is a notional loss for the state government if VAT is made specific,” explained an official on the condition of anonymity.

Madhukar Ingole, state coordinator for oil marketing companies, when contacted, confirmed that the ministry and oil marketing companies had approached the state governments but refused to divulge details.

The governments of Kerala, Punjab and Pondicherry have already made VAT specific. The scheme was launched in three districts of TS and nine of AP on November 15.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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