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: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

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