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: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: cpt
 
 
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?

VAT sops to IOCL Paradip refinery hits Odisha revenue growth
September, 23rd 2016

The deferment of VAT on products of newly commissioned Paradip refinery of Indian Oil Corporation (IOCL) has cost the revenue collection in Odisha in terms of tepid growth in commercial taxes earnings.

According to a note prepared by Saswat Mishra, commissioner, commercial taxes, Odisha government, the commercial tax collection upto August 2016 stood at Rs 5530.95 crore representing a growth rate of 4.02 per cent.

This meagre growth is particularly perturbing when seen against the target of the state commercial tax department to garner Rs 17,500 crore revenue by clocking a growth rate of 16 per cent on annualised basis during 2016-17.

Mishra has attributed the low growth rate in commercial tax collection to deferment of VAT availed by the Paradip refinery of IOCL. He said, had the VAT deferment, which amounted to Rs 531.96 crore upto August, been allowed to the oil refinery, the commercial tax collection would have grown by 14.02 per cent till now.

He said, the deferment of VAT on IOCL Paradip refinery products is expected to pull down commercial tax collection in the state by Rs 2000 crore in the current financial year. Stating that this accounted for 11.42 per cent of the total collection target for 2016-17, he rued that there is no alternative sources in sight to make up the shortfall.

In addition to the VAT deferment, changes in the marketing strategy of IOCL has also hit the revenue collection in the state. While IOCL was earlier supplying petroleum products to the markets in southern Odisha such as undivided Koraput district from its Vizag depo located in Andhra Pradesh, it has shifted the source of supply to Jatni depo in Odisha to take advantage of the VAT deferment benefits following commissioning of the Paradip refinery.

Similarly, Mishra pointed out that the state's move to increase tax rate on petrol and diesel from 23 per cent to 26 per cent has not reflected in higher revenue collection as IOCL, with its status as the lead Oil Marketing Company (OMC) for Odisha, has the lion's share of the market and not paying VAT because of the deferment benefit availed by it.

It may be noted Odisha had agreed to defer collection of VAT on the products of IOCL's Paradip refinery for eleven years from the date of commissioning of the project to facilitate its implementation a decade ago. The IOCL refinery was commissioned in February, this year.

"The impact of deferment by IOCL is substantial and is unlikely to be compensated from other sources of revenue", Mishra noted.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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