Dharmendra urges States to slash Value-Added Tax on Petrol, Diesel

Dharmendra urges States to slash Value-Added Tax on Petrol, Diesel”

"The Finance Minister will soon be writing to all the states on slashing VAT levied on petrol and diesel", he added.

AFTER the Centre taking a hit of Rs 26,000 crore by cutting Excise Duty on oil, Finance Minister Arun Jaitley on Wednesday nudged States to cut Sales Tax or VAT on petrol and diesel to provide further relief to consumers from high fuel prices.

Talking to reporters here, finance minister Dr. Thomas Isaac has said that the Kerala government will not reduce the tax on petrol and diesel as per the orders of the Centre.

"We urge states to take responsibility just like the Centre did, in the direction of consumer interest".

Under all round attack on rising fuel prices, the government on Tuesday chose to slash the excise duty on petrol and diesel by Rs 2 per litre, effective from Wednesday, to cushion the impact of rise in global crude prices, in a decision that will cost the exchequer Rs 13,000 crore during the remaining part of the fiscal.

"States are the biggest beneficiaries".

TS officials say, the reduction in fuel prices by over Rs 2 per litre due to excise duty cut by Centre on Tuesday would alone cause around Rs 3,000 crore loss to TS as it imposes Value-Added Tax on total price and it can not afford to lose revenue further by reducing Value-Added Tax on fuel as GST already caused over Rs 400 crore loss in the first month.

"Economic growth can aid in recovering revenue losses because of the excise duty cut on oil", Jaitley said. The recent reduction in petrol and diesel prices could potentially reduce the CPI inflation by around 20-21 basis points directly and the indirect impact might be higher.

Expenditure on petrol and diesel has 6.84 percent weight in the CPI (consumer price index) basket.

Like this



05 October 2017
Extra Vitamin D Could Cut Severe Asthma Attacks
They analysed 955 participants in seven randomised controlled trials, which tested the use of vitamin D supplements. It is the latter function that has led researchers to investigate vitamin D as a possible treatment for asthma.

05 October 2017
What to Expect in Season 8
Are you surprised by Teresa's revelations? Facebook/RHNJThe cast of Bravo's "The Real Housewives of New Jersey " season 8. She explains, " Joe never mistreated me because if he mistreated me I definitely wouldn't be with him".

05 October 2017
Huawei Honor 9i with 5.9-inches 18:9 Full HD+ display launched
An inbuilt storage memory of 64GB and can be stretched up to 256 GB with the assist of microSD card and specified with a 4GB RAM. The smartphone also comes with a 16MP dual camera setup at the back - with one sensor dedicated to capturing depth information.

05 October 2017
Australia plans tougher national terror laws
But he said the current procedures were laborious, "clunky" and unfit for 21st century law enforcement. He said the commonwealth was now satisfied it could legislate without constitutional problems.

05 October 2017
Overwatch This episode 50: Halloween and Blizzcon schedule revealed
Unlike past year , the Overwatch Summer Games 2017 skins were also available to unlock via the credits system. Taking place from November 3, until November 4 PDT, multiple games will see talks and announcements.

05 October 2017
Colorado Legislature at odds as tax fix special session opens
Senate President Kevin Grantham, R-Cañon City, issued a release critical of Hickenlooper's call for a special session. Gardner thinks the special session has only driven his party farther apart from Democrats and the governor.

05 October 2017
Brian Hoyer to remain 49ers' starter in Week 5
San Francisco 49ers head coach Kyle Shanahan insisted Monday his hand-picked starting quarterback will keep his job. He also said safety Eric Reid is more likely to return next week after suffering a knee injury in Week 2.

05 October 2017
Baxter International Inc (BAX) Position Lowered by Everett Harris & Co. CA
It has outperformed by 1.73% the S&P500. 3,760 shares valued at $210,146 were sold by Shapazian Carole J on Tuesday, May 9. Douglass Winthrop Advisors Ltd Liability Co invested 0.03% of its portfolio in Baxter International Inc (NYSE:BAX).

05 October 2017
Islamic State group: Iraqi army claims recapture of Hawija
The UN's humanitarian affairs office said the number of people still in the town was unknown but could be up to 78,000. Hawija is located some 240 kilometers north of Baghdad and 50 kilometers to the west of Kirkuk.

05 October 2017
Russia World Cup Stadium Forced to Build Stands Outside of Arena
Meanwhile, Uruguay , Colombia , Peru , Argentina and Chile are all at the top positions in the South American qualification table. The victor of the Syria v Australia play-off enter a further play-off against the fourth-placed CONCACAF team in November.