But, the states are not actually losing money as they are getting Rs 60,000 crore of additional revenue from the Centre as part of the higher-than-budgeted tax devolution, she said. The states will forego around Rs 44,000 crore of tax revenue after they reduced VAT on petrol and diesel in the reminder of the fiscal …
States to forego Rs 44,000 cr from VAT reduction on fuels: Report Read More »
Several BJP-ruled states and Bihar, where the BJP is part of the ruling coalition, also reduced VAT rates, giving further relief to consumers. (File) Bringing petrol, diesel and other petroleum products under the single nation-wide GST regime will reduce taxes on these products and increase the revenue of both the Centre and states, Union Minister …
Inflation in India is mainly caused due to the supply-side factors, which have been addressed by the government, he added. The recent decision of the central government to cut the excise duty on diesel and petrol is significantly positive for inflation, Reserve Bank of India Governor Shaktikanta Das said on Wednesday. He said food inflation …
At present, the prices charged to dealers by Indian Oil Corporation are Rs 48.23/litre for petrol and Rs 49.61/litre for diesel. The latest reductions in the excise duty on petrol and diesel by the Centre is seen to increase the ability of the state-run oil marketing companies (OMCs) to raise auto fuel prices if crude …
Excise duty cut seen providing higher pricing freedom to OMCs Read More »
