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
« VAT (Value Added Tax) »
 1 step forward, 2 steps back. Is GST going the VAT way?
 1 step forward, 2 steps back. Is GST going the VAT way?
 Pending VAT comes to haunt companies claiming input tax credit
 One-time settlement of VAT, excise disputes in the works
 Haryana government uploads photos of VAT defaulters
 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

State to gain extra Rs 89 crore in VAT
September, 17th 2011

The Rs 3.14-per litre petrol price hike on Thursday may have hit the consumers hard, but the state government certainly has reasons to smile with an additional amount of Rs 89 crore expected to be deposited in its kitty by way of increase in VAT collections.

A senior official from the finance department said the government was expected to get an additional Rs 89 crore. The state government charges 26 per cent VAT and an additional tax of Re 1 per litre on petrol sold in Mumbai, Thane and Navi Mumbai municipal corporation areas, while the rest of the state has a tax rate of 25 per cent. The government plans to mop up Rs 51,829 crore as VAT collections in this fiscal, but the amount is expected to be whittled down to around Rs 46,000 crore after refunds. Of the total VAT collections, the target for collections on tax on motor spirits is expected to be a major chunk at Rs 10,857 crore.

Diesel accounts for the largest chunk of the money collected through tax on motor fuels, followed by petrol and aviation turbine fuel (ATF). VAT is charged at a rate of 24 per cent on diesel sold in Mumbai, Thane and Navi Mumbai municipal areas, while it is 21 per cent in other areas of the state. ATF is charged at 25 per cent in Mumbai while the tax is less on ATF sold elsewhere in the state. There is no VAT on LPG in Maharashtra while kerosene sold in the public distribution system (PDS) is charged three per cent VAT.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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