Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: empanelment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
VAT (Value Added Tax) »
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 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

Goa Government Hikes Value Added Tax On Petrol By 7 Per Cent
March, 17th 2016

Four years after virtually abolishing Value Added Tax (VAT) on petrol as part of a poll promise, the Goa government today announced a seven per cent hike in VAT on the popular fuel.

The step pushed taxation levels on petrol to pre-2012 level.

With Chief Minister Laxmikant Parsekar announcing in his budget speech that VAT on petrol will be 22 per cent as compared to 20 per cent in 2012, the Congress said the VAT hike was a classic case of the ruling Bharatiya Janata Party making a U-turn on its poll promise of abolishing the tax on the popular fuel.

"In order to cater to the enhanced spending on infrastructure projects, as well as, social welfare schemes; I propose to increase the VAT on motor spirit from 15 per cent to 22 per cent," Mr Parsekar said.

He said even with the seven per cent increase in VAT, petrol would not cost as much as it did in 2012, before then chief minister Manohar Parrikar virtually had abolished VAT on petrol bringing prices down by Rs. 11. It had made petrol price in Goa the cheapest in the country.

Petrol is currently priced at Rs. 51.05 in Goa, the proposed increase in VAT is expected to raise the price by around three rupees.

Justifying the hike in VAT, Mr Parsekar said in 2012, the petrol price, which had soared to Rs. 72 per litre in Goa, was the reason why the VAT was nearly abolished in the first place.

"My government had reduced VAT on petrol, in the year 2012, to provide succour to the general public due to the increasing cost of this important fuel, used by daily commuters in the state. The price of petrol was Rs. 72 per litre, which was brought down to Rs. 61," Mr Parsekar said.

In his last budgetary exercise ahead of the 2017 state Assembly elections, Mr Parsekar had presented a revenue surplus budget of Rs. 158.82 crore for 2016-17.

While the revenue receipt for the current fiscal are estimated at Rs. 10641.96 crore, the revenue expenditure is estimated at Rs. 10483.14 crore.

The Opposition party, Congress, described the VAT hike on petrol a predictable rollback of a poll promise. "This was avoidable. But this government has made a habit of taking U-turns on their decisions," Leader of Opposition Pratapsing Rane said.

 
 
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