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: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: form 3cd :: ACCOUNTING STANDARDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company
 
 
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

Oil marketing firms hike prices
June, 07th 2008

The oil marketing companies, Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum, have hiked the prices of premium petrol by Rs 6 per litre and of premium diesel by Rs 3.50-4.25 per litre. Since these premium fuels (high performance petrol and diesel mixed with additives) are outside the purview of price control, the prices are loosely pegged to normal petrol and diesel price. As a result, other than the Rs 5 hike on petrol and Rs 3 hike on diesel allowed by the government, the oil marketing companies have affected an additional hike of Re 1 per litre on the fuels.

As the cost of these fuels is already more than the normal fuel, oil companies suffer less losses on their sale. With the rising consumption of these fuels, the companies are hoping to bring down on their losses. Official data available with The Tribune shows that the sale of these fuels has gone up by 89 per cent in 2007-08. The sale of premium fuels contributed to almost 35 per cent of total sale by the three oil companies in the last fiscal.

The worst hit by this decision will be petroleum dealers in Punjab areas surrounding Haryana. They say the increase in the price of premium fuels will cut down their sales, with these being cheaper in Haryana. With the Haryana government rolling back the value added tax (VAT) on diesel, bringing down the cost of diesel by Re 1 per litre, people will prefer to buy their fuels from the neighbouring state.

Petroleum dealers in Patiala, Sangrur, Mohali, Bathinda and Ferozepur say with normal petrol being Rs 5.40 per litre less expensive in the neighbouring state, they have been seeing a shift of their customer base to Haryana. Earlier, diesel was cheaper in Punjab. But with the rollback in VAT in Haryana, diesel and premium diesel have become cheaper there. Since the diesel sale is almost double the sale of petrol, we will suffer huge losses, said a dealer in Patiala, who expects a 30 per cent loss in business.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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