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
Latest Expert Exchange
« VAT (Value Added Tax) »
 Filing of online return for 4th quarter of 2017-18 extension of period thereof.
 No Cenvat credit admissible on outward transportation services from factory to buyer’s premises
  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

VAT on petroleum products to continue, to be decided by GST Council
June, 05th 2017

Maharashtra Minister Deepak Kesarkar today informed the Legislative Council that the continuation of VAT on petroleum products and alcohol will be decided by the Goods and Service Tax Council in the next five years.

Replying to a debate on the Maharashtra Goods and Service Tax Laws (levy, amendment and validation) Act 2017 in the Upper House, he said that it is not possible even for the Centre to shift the tax rate of 25 per cent on petroleum products under the new Goods and Services Tax (GST) regime in one go.

Kesarkar, who is Minister of State for Finance and Planning, clarified that the state has already decided not to hike tax on diesel as it is consumed by goods transport vehicles and any rise would correspondingly affect prices of commodities like vegetables, fruits, foodgrains and other products.

He said VAT on diesel is hence transferred on petroleum products.

"The tax structure under the GST regime will be reviewed by the GST Council after five years," he said.

Responding to concerns raised by members on tax on agriculture, Kesarkar assured that the tax on agriculture income will remain zero per cent.

Replying to queries over effect of demonetisation on the tax revenue collection in the state, Kesarkar said that post-demonetisation the states revenue income has risen by 14 per cent.

On concern raised by Leader of Opposition Dhananjay Munde over recovery of unpaid revenue dues after GST comes into effect on July 1, he said that the Act provides for savings and validation clause that takes care of recovery of unpaid dues.

"The revenue of state will rise as more people are brought under the GST regime," he said.

The house later unanimously passed the tax laws bill which was passed by the legislative assembly on May 20.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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