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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: empanelment :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: VAT RATES :: form 3cd :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD
 
 
VAT (Value Added Tax) »
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 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?

Deora VAT move hints at fuel hike
June, 22nd 2010

Petroleum Minister Murli Deora clearly indicated a rise in prices of petrol and diesel on Monday when he told state governments to reduce and rationalise sales tax/VAT (value added tax) of the two auto fuels.

In his letter, Deora asked the chief ministers to have the issue reviewed at their level so that the much-needed tax reform (of freeing fuel prices) can be implemented. If so, it would result in a price hike of petrol and diesel by up to Rs 3 per litre.

He said a rise in the international oil prices exerts an upward pressure on domestic prices of petroleum products. Ad valorem rates of VAT imposed by the state governments further aggravates the impact of international oil prices on the consumer, Deora added.

The Empowered Group of Ministers (EGoM) under Finance Minister Pranab Mukherjee is expected to meet sometime this week to consider freeing of petrol and diesel prices.

Enclosing a statement of VAT rates in different states, Deora pointed out that they are very high in most and need to be reduced. In few states, he said, the VAT on petrol and diesel is as high as 33 per cent and 24.7 per cent respectively.

In the current taxation structure, said Deora, VAT is levied by the states on an ad valorem basis, i.e. as a percentage of the price of the product. This means that when oil prices are high, taxation on the products is higher, rendering it even more expensive.

To address this issue, the ad valorem component of the VAT can be converted into a specific component, at the current levels, he said.

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

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