Economy

No VAT reduction on petrol, diesel

No VAT reduction on petrol, diesel”

Since 2015, the National Democratic Alliance (NDA) government at the Centre has hiked excise on petrol by Rs. 12 per litre, and on diesel by over Rs. 13 per litre in installments.

Union minister for petroleum and natural gas Dharmendra Pradhan had appealed to all the states to reduce Value-Added Tax by five percent to ease the burden on consumers after it cut excise duty by rupees two per litre on petrol and diesel.

Bhubaneswar: Rejecting the Centre's proposal to slash Value-Added Tax on petrol and diesel, the Finance Minister Sashi Bhusan Behera today said that the Odisha government will not reduce Value-Added Tax on fuel as the proposal was not feasible. "Hence, the Centre has to shoulder Rs 1.16 on the Rs 2 while we are sharing the burden of 84 paise", Behera told reporters here. Thus, the Orissa government has been incurring a loss of Rs 1.36 while the Centre is bearing Rs 1.16 per litre, he argued.

Lashing out at the Centre, Behera stated that Union government is responsible for rising fuel prices albeit the global crude prices are on the decline.

While states ruled by the Bharatiya Janata Party are expected to oblige at least to some extent, it is unlikely that non-BJP states like West Bengal, Punjab or Tamil Nadu will take the hint.

The minister said, as per the devolution policy the state government has a share of 42 per cent and the central government has 58 per cent share in excise duty. "Before pointing fingers at the state government, the Centre should have introspected first".

Announcing the excise cut, the government said the rise in the prices of petrol and diesel is also reflected in WPI, or wholesale, inflation, which has increased to 3.24 per cent for the month of August 2017, as compared to 1.88 per cent for the month of July 2017, and which prompted the government to act swiftly. "The statement of Odisha finance minister is unfortunate", said BJP spokesperson Sajjan Sharma.



Like this

Latest


08 October 2017
Stocks To Invest: Hormel Foods Corporation (HRL), Nokia Corporation (NOK)
The firms that experience furthermost inflow in institutional ownership exhibited better performance all through 12-month phase. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock.

08 October 2017
Bullish Two Hundred Day Moving Average Cross - DNKN
A certain stock may be considered to be on an uptrend if trading above a moving average and the average is sloping upward. BidaskClub cut shares of Dunkin' Brands Group from a "buy" rating to a "hold" rating in a report on Saturday, June 10th.

08 October 2017
Dodgers face Diamondbacks' Taijuan Walker instead of Robbie Ray in Game 1
Judging by the success he's had against the Dodgers this year, the D-Backs could really use his services twice in the series. The Dodgers will counter with left-hander Rich Hill , despite his struggles against Arizona this season and in his career.

08 October 2017
Google Pixel 2 Will Not Disturb You With Notifications While You're Driving
This way, if you're behind the wheel, you'll be oblivious to calls and texts that normally you might focus on even while driving . The latest Action Launcher update brings the Pixel 2's newly designed Google Search bar to any of your devices.

08 October 2017
(VLY) With Shares Trading down at $12.05 Valley National Bancorp Receives Federal…
BidaskClub downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Friday, June 23rd. After posting $0.29 EPS for the previous quarter, Old National Bancorp's analysts now forecast -10.34 % negative EPS growth.

08 October 2017
Intuitive Surgical, Inc. (ISRG) Shares Bought by Trust Co. of Vermont
ETF Managers Group LLC bought a new position in shares of Intuitive Surgical during the 2nd quarter worth approximately $110,000. The average 12 month price target among analysts that have updated their coverage on the stock in the past year is $141.17.

08 October 2017
As World Cup hopes take major hit, Panama left wondering "what happened?"
Ream is underrated in my opinion and a big body who can sometimes get caught ball watching but only about 1/8th as much as Omar. Added Pulisic: "We needed a lot of movement against a physical Panama team that's going to sit in and not make it easy for us".

08 October 2017
Danger behind the wheel: High tech distractions
AAA said drivers should use infotainment technologies "only for legitimate emergencies or urgent, driving-related purposes". Some vehicles now have as many as 50 buttons on the steering wheel and dashboard that are multi-functional.

08 October 2017
Stock Valuation Recap for Public Service Enterprise Group Incorporated (NYSE:PEG)
Following the sale, the chief operating officer now owns 133,904 shares of the company's stock, valued at $5,945,337.60. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of stock price movements.

08 October 2017
Colombia, Ghana U-17 World Cup match registers low crowd
Sadiq Ibrahim scored the victor six minutes before half-time in the hard-earned victory for the Black Starlets. Both teams created plenty of scoring chances although Ghana enjoyed the upper hand.



Recommended