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: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: cpt :: VAT Audit :: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
Sales Tax »
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
 Income Tax: How offshore income could be taxed twice
 India finalises bills to launch new sales tax in July
 NMC to implement new tax system from Apr 1a
 13 per cent sales tax boost post demonetisationa
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate
 Tax on high seas sales becomes dispute area
  State extends GST enrolment deadline
 State extends GST enrolment deadline
 To protect its status, state forms panel to draft legislation on GST

State FMs likely to slash fuel sales tax
June, 16th 2008

Consumers may expect some more relief from high fuel prices soon. The empowered group of state finance ministers is likely to discuss a proposal of the Centre to reduce sales tax on petrol, diesel, cooking gas (LPG) and jet fuel on Monday. States may consider shielding consumers from the recent fuel price hike in the light of rising inflation. It is suggested that states should set a maximum sales tax limit on fuels that could be between 15-20%, a highly-placed source said.

Certain states have been quick to announce a relief package to save the common man from the impact of fuel price hike. The package ranged from reduction in sales tax to a direct subsidy on certain products. West Bengal, Kerala, Tamil Nadu, Maharashtra, Haryana, Bihar, Gujarat, Andhra Pradesh, Delhi, Orissa, Uttarakhand, Goa are among the states that have either already cut sales tax or announced subsidy on some products.

Left-ruled West Bengal has slashed sales tax from 25% to 20% on petrol and from 17% to 12.5% on diesel. Effectively, this makes petrol and diesel cheaper by Rs 2.09 and Rs 1.36 per litre, respectively. Kerala reduced sales tax on petrol by 2.98% and diesel by 2.20%. Tamil Nadu has also announced a 2% sales tax cut on diesel, but did not give any relief on petrol and LPG.

Congress-ruled Maharashtra has slashed sales tax on both petrol and diesel by 2%. The cut is expected to make petrol and diesel cheaper by less than a Re 1 per litre from the post-hike rate of Rs 55.88 and Rs 39.54, respectively. Even LPG cylinders have become cheaper by Rs 14 after a 4% cut in VAT.

Haryana has waived 4% VAT on LPG, losing Rs 45 crore in revenue. VAT on diesel has been reduced from 12% to 8.8%. This will bring down the diesel rate from Rs 34.66 per litre to Rs 33.66. In Bihar, both petrol and diesel will cost one rupee less after a duty cut of 2.5% on petrol and 1.64% on diesel.

BJP-ruled Gujarat also announced a 3% cut in VAT rates on petrol and diesel, while removing the tax on LPG. Congress-ruled Andhra Pradesh and Delhi only provided relief on cooking gas. While Andhra Pradesh would supply cooking gas to all consumers at the old rate, Delhi cut sales tax and announced subsidy on LPG.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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