Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt
« Indirect Tax »
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory

FinMin denies oil cess
May, 31st 2008

Emerging after a meeting with the Finance Minister, Petroleum Minister Deora on Tuesday, went public about the possibility of an oil cess.

 All options were discussed. Cess for oil was also discussed. Sunderasan will brief you on that, said Murli Deora, Petroleum Minister.

 Around 24 hours later, the government did a u-turn. In a rare move, the Finance Ministry came out with a strong denial.

 The statement said, "The reports are largely speculative and in particular, reports about certain new tax proposals are totally baseless. Ministry of Finance points out that nobody from the ministry had briefed the media."

 In fact, sources in the Finance Ministry have told CNBC-TV18 that livid Finance Ministry officials have even questioned Deora's jurisdiction in talking about tax matters.

 Interestingly, sources in the Petroleum Ministry have said it was the Finance Minister who insisted that any loss of revenues on account of duty rationalization will have to be compensated. This is perhaps where the idea of a cess came about.

 But Finance Ministry sources have told CNBC-TV18 that "revenue neutrality" is not central to a bailout package.

 So, even as the policy flip flop continues, oil marketing companies like IOC continue to bleed and plead. A helpless IOC Chief has said the company may have to stop importing diesel if there isnt immediate government intervention suggesting possible rationing in the near future.

 We may have to stop importing diesel if the government does not intervene soon, said Sarthak Behuria, CMD, IOC.

 HPCL has said that it may look at stopping diesel imports to reduce the burden, and give its balance sheet some breathing space.

 Talk of a cess would not have been necessary if the Finance Minister had relented on duty cuts. But with oil contributing 40% of indirect tax collections last fiscal, the FM has not surprisingly been cold to the idea of duty cuts. This is despite projections of indirect taxes for this fiscal being pegged at more than Rs 3,20,000 crores.

 Experts say the governments projections were calculated when oil was hovering at not more than USD 75-80 a barrel. Today, with crude above USD 130 the Finance Minister has the revenue cushion to go for duty cuts. Denials of a cess and a price hike do seem to indicate that Chidambaram may not be able to hold his ground for too long.

 What is the latest step the government has taken with regard to the oil crisis?
It had a three-hour long meeting attended by Finance Minister P Chidambaram, Petroleum Minister Murli Deora and Deputy Chairman of the Planning Commission Montek Singh Ahluwalia.

 There was no announcement on bailout package for OMCs and no comment on whether a decision had been taken for a bailout package for OMCs. Oil is not on the agenda for tomorrow's Cabinet meeting.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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