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: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: TDS :: ACCOUNTING STANDARDS
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Earn Rs 200 crore more on fuel tax after hike
June, 30th 2010

The recent hike in fuel prices might be burning a hole in the common man's pocket, but Punjab and Haryana expect to increase their revenue collections by close to Rs 200 crore per annum on account of the increase in rates for diesel, petrol, kerosene and LPG.

The state governments follow an ad valorem tax structure on fuel prices, which means that whenever there is an increase in the rates of fuel, the tax collection also moves up proportionately.

"Our revenue will grow by Rs 80 to 100 crore due to the increase in petroleum product prices," Punjab Excise and Taxation Commissioner A Venu Prasad said Tuesday.

Similarly, Haryana is also expecting a Rs 100 crore jump in revenue. "Revenue from petroleum products is expected to increase by Rs 100-105 crore on an annual basis because of the hike in petroleum rates," Haryana Excise and Taxation Commissioner Anurag Rastogi said.

Punjab and Haryana earn annual revenue of Rs 1,500 crore and Rs 2,100 crore, respectively, from petrol, diesel, cooking gas and other fuel sales.

Punjab imposes 27.5 per cent VAT, plus a 10 per cent surcharge, on petrol. It also levies Rs 1 for every litre of the fuel as infrastructure cess and 1 per cent octroi. The VAT rate on diesel stands at 8.8 per cent, on top of which a 10 per cent surcharge and 2 per cent octroi is imposed.

In contrast, Haryana levies 20 per cent VAT plus a 5 per cent surcharge on petrol and 8.8 per cent VAT plus a 5 per cent surcharge on diesel.

The high rate of VAT in Punjab has resulted in petrol prices going up by Rs 4-6 per litre in comparison to its neighbours like Haryana and Himachal Pradesh (24 per cent VAT).

Petroleum dealers in Punjab claim they are losing business to neighbouring states because of the sharp difference in petrol prices. "The petrol pumps which are located in Mohali, Ropar, Fatehgarh Sahib, Rajpura, Zirakpur have been hit hard and majority of them have been forced to shut down their operations," Punjab Petroleum Dealers Association President J P Khanna said.

Meanwhile, the Punjab Petroleum Dealers Association has threatened to hold a one-day strike on July 13, demanding abolition of octroi and a reduction in the VAT rate on petrol in order to sustain their businesses.

"We will close our petrol pumps for one day on July 13 if the state government did not agree to our demands," the association's president, J P Khanna, said Tuesday. Punjab has a total of 2,736 fuel outlets, 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 - Our Experience

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