« Indirect Tax » Open DEMAT Account in 24 hrs  When will ITR1 forms become available for tax filing. Check details  How to reduce tax on rent from vacant houses  Make sure to claim these tax deductions  Investment tips for those opting for new tax regime  Indirect tax dept issues notices to companies over late input credit claim under GST frame  E-generated document required for indirect tax notices  FinMin seeks industry inputs on direct, indirect tax changes  Govt gives businesses four months to settle indirect tax disputes  ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return  No income tax on interest from accident compensation: High Court  How much tax do you need to pay for your equity investments? «  Indirect tax collection target set at Rs 3.2 lakh cr in... Oil conundrum... » Taxes are the smallest factor influencing fuel prices June, 07th 2008 Will the impact of the duty reductions on the retail price of petrol and diesel really bring in any change, apart from short-term price reduction? Not much, if you ask Mr Vivek Mishra. Vivek is a tax partner based in New Delhi and leads the indirect tax practice of Ernst & Young in India. In our view, these types of questions are slightly misplaced for one key reason. In a scenario of rising crude oil prices, the taxes on petrol and diesel are a small component of a much bigger phenomenon, says the expert, who has worked with several leading companies assisting them make the transition into the VAT regime. Business Line caught up with him over the email to quiz on the tax angle affecting fuel prices. Heres what he had to say