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: TDS :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: articles on VAT and GST in India
 
 
VAT (Value Added Tax) »
 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)
 Guidelines relating to downloading of Statutory Forms-Modification thereof
  Grant of Registration under DVAT & CST
 VAT on petroleum products to continue, to be decided by GST Council
 Government rolls out settlement scheme to clear VAT, CST dues
 Maharashtra government offers VAT benefit to realty buyers
 Govt should focus on income tax instead of VAT
 Amendments in the second Schedule received from Finance Deptt.
 VAT exemption stays in tax reform bill

Note ban got Maharashtra govt an extra ?125cr from fuel VAT
January, 11th 2017

The sudden decommissioning of the Rs500 and Rs1,000 notes got the state government an unexpected, additional revenue of Rs125 crore — through the Value Added Tax (VAT) it earns on the sale of diesel and petrol.

Soon after the demonetisation announcement, the government allowed people to use the banned notes at petrol pumps. Desperate to get rid of the notes, motorists queued up. The highest sale of the fuel was witnessed in the first three days after the announcement. The more fuel that was sold, the more the VAT collected.Latest figures collated by the Sales Tax department show a 16% rise in the collection of VAT on petrol and diesel in November.

The monthly collection of VAT on fuel sale is usually Rs1,300 crore in the state. Discounting natural growth, the windfall from VAT on the sale rise was Rs125 crore in November. Maharashtra charges 26% VAT, with an additional cess of Rs6 a litre for petrol; it is 24% and a Rs2 cess on diesel.

“We saw a rise in VAT collections on fuel in November by 16%. We levy VAT at selling point by oil companies. After the sudden rise, sale dropped to its normal in the subsequent period,” said Rajiv Jalota, sales tax commissioner. “The sale rose at every cut-off date announced by the Centre. It has now come to normal, as the storage of fuel is not allowed and there were limitations on purchase of fuel for cashing old notes. We were warned by I-T department to not indulge in advance billing by accepting old notes,” said Uday Lodh, general secretary, Fampeda, an organisation of fuel dealers. Finance department officials said overall sales tax collection rose to Rs7,943 crore from Rs7,000 crore in November. In December, it fell to Rs6,758 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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