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Hello Jammu News at 10:55:00 PM 0


New Delhi, July 5  :   Finance Minister Nirmala Sitharaman Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.

Presenting the maiden budget of Modi 2.0 government in Lok Sabha, Sitharaman, the first full-time woman Finance Minister, proposed measures to ease liquidity crisis facing shadow banking sector (NBFCs) and providing Rs 70,000 crore capital to public sector banks while seeking to raise additional resources through privatisation of some PSUs.

In relief to tax payers, she provided for an additional deduction of Rs 1.5 lakh on interest paid on loans borrowed up to March 31, 2020 on purchase of a house up to Rs 45 lakh.

Corporate tax on companies with turnover of up to Rs 400 crore has been slashed to 25 per cent from current 30 per cent. Presently, the lower tax rate is applicable on companies having a turnover of up to Rs 250 crore.

Sitharaman said the reduced tax rate would cover 99.3 per cent of corporates in the country.

To boost use of electric vehicles, an additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to purchase EVs has been proposed.

Also the government has asked the GST Council to reduce tax rate on EVs from 12 per cent to 5 per cent. Customs duty on certain parts of EVs has been reduced.

Addressing the angel tax issue faced by startups, she said startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium.

A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny.

She raised special additional excise duty and road cess on petrol and diesel by Re 1 per litre each, saying lower crude oil prices provide her with an opportunity to review taxes on the sector.

Also, customs duty on gold and precious metals was raised from 10 per cent to 12.5 per cent to mobilise resources.

Basic customs duty was raised on an array of products including tiles, cashew kernels, vinyl flooring, auto parts, some synthetic rubber, digital and video recorder and CCTV camera.

Excise duty of Rs 5 per 1000 has been imposed on cigarettes of length exceeding 65 mm, while 0.5 per cent duty has been levied on chewing tobacco, zarda and tobacco extracts and essence.

"I propose to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account," she said.

She also announced a surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore and for those above Rs 5 crore which will hike their effective tax rate by 3 per cent and 7 per cent respectively.

Sitharaman also proposed to made Aadhaar and PAN interchangeable for the purpose of filing Income Tax returns.

To boost FDI inflow into the country, the government will examine further liberalisation of sectoral investment caps in aviation, media, animation and insurance.

The Budget also proposed 100 per cent FDI in insurance intermediaries and easing of local sourcing norms for single brand retail.

She said measures are being worked out to ease filing returns and tax compliance. Taxpayers with an annual turnover of less than Rs 5 crore will have to file only quarterly returns, she said 

To boost cash-less economy, she said business establishments with annual turnover of Rs 50 crore will have to use BHIM, UPI, Aadhaar Pay, NEFT, RTGS modes of payments with no charges or merchant discount rates will be imposed on customers or merchants.

RBI and banks will absorb these costs, she said.

The Securities Transaction Tax or STT is proposed to be restricted to the difference between settlement and strike price of options, she said.

She proposed an additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to buy electric vehicles.

This will lead to a benefit of Rs 2.5 lakh crore over the tax period of the loan for the payer.

She said the government will spend Rs 100 lakh crores for infrastructure in next five years.

The disinvestment target for FY20 was raised to Rs 1.05 lakh crore from Rs 90,000 crore set in the interim budget and government will continue with disinvestment of PSUs in the non-financial space as well.

Regulation of housing finance companies has been moved to the Reserve Bank of India (RBI) from the NHB.

The government proposed to allocate Rs 70,000 crore for PSU Bank recapitalisation.   [Agencies]
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Hello Jammu News at 7:28:00 PM 0



Panaji, Jun 14 :  Petrol and diesel prices will increase in Goa from midnight as the state government has hiked value-added tax (VAT) on them.

In a notification issued Friday by under-secretary (finance) Sushma Karat, the state government announced VAT on petrol is now 20 per cent instead of 15 per cent, while that on diesel has been hiked from 15 per cent to 18 per cent.

Price of petrol and diesel will increase by Rs 2.70 and Rs 1.43 per litre respectively from Saturday, said Paresh Joshi, president of All Goa Petrol Dealers Association.

"As on Friday, cost of petrol in Goa was Rs 63.74 per litre while that of diesel was Rs 63.04," he informed.                                                                                [Agencies]
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Hello Jammu News at 1:49:00 PM 0


New Delhi, Oct 15 (PTI) Diesel price rose for the 10th consecutive day Monday to wipe out all of the Rs 2.50 per litre cut in rates announced earlier this month through excise duty cut and oil company subsidy.

The government had, with effect from October 5, cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil firms to subsidise the fuel by another Re 1 a litre.

However, the retail selling price continued to rise on subsequent days.

While petrol price remained static Monday, diesel rates were hiked by 8 paise per litre, according to a price notification of state-owned fuel retailers.

With this, diesel prices have in the last 10 days been hiked by Rs 2.51 per litre. This is the fastest increase in rates since oil firms implemented daily price revision in mid-June last year.

It now costs Rs 75.46 per litre in Delhi, a shade higher than Rs 75.45 a litre price when the government on October 4 announced the excise duty cut in 12 months.

Petrol costs Rs 82.72 per litre and has witnessed an increase of Rs 1.22 per litre since the October 4 decision.

Petrol on October 4 was priced at Rs 84 per litre.

While in Delhi diesel rates are at their highest ever, in most the other states it is lower than the peak as some state governments had matched the Centre's move to cut excise duty and oil company subsidy by a similar cut in local sales tax or VAT.

Diesel in Mumbai costs Rs 79.11 per litre, down from Rs 80.10 on October 4. Petrol too in Mumbai is down from the peak of Rs 91.34 per litre on October 4 to Rs 88.18 on Monday.

After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut.

They were later joined by Chhattisgarh, Jharkhand, Tripura, Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Haryana Assam, Uttarakhand, Goa, Arunachal Pradesh and Bihar with similar moves. Jammu and Kashmir, which is under governor's rule, too reduced tax on the two fuel.

Maharashtra, however, reduced VAT only on petrol and not on diesel.

Even before the excise duty cut, Rajasthan, West Bengal, Karnataka, Kerala and Andhra Pradesh had last month reduced VAT to cushion consumers for a spate of price increases.

The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent Central government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high.

The BJP-government at the centre had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

Prior to October 4 cut, petrol price had risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August.

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Hello Jammu News at 4:14:00 PM 0


New Delhi, Oct 13 (PTI) Several resident welfare associations and civil society groups in Delhi have urged Chief Minister Arvind Kejriwal to reduce VAT on petrol and diesel in the city, claiming the residents were suffering due to price hike.

The central government had slashed the rate of petrol and diesel by Rs 2.50 per litre on October 4, V K Arora, the convenor of Delhi Residents Forum said.

This was followed by reduction of Value Added Tax (VAT) by various states including neighbouring Haryana and Uttar Pradesh bringing relief to their residents. 

"We urge the Delhi government to reduce VAT on petrol and diesel in the national capital and bring the fuel prices down," Arora said.

With the festival season on, secretary of Mahila Pragatisheel Association (MPA) Ritu Bhatia said the residents are being forced to use private vehicles in the capital due to lack of affordable and efficient public transport. 

"Due to price difference of about Rs two to three in fuel prices with Haryana and Uttar Pradesh, Delhiites living near borders are being forced to buy fuel from neighbouring states which is Bharat Standard (BS) IV as compared to less polluting BS VI in Delhi," Manish Chawla, a resident of Anand Vihar said.

"As winters are approaching, use of BS IV in capital is also leading to more pollution in the city coupled with burning of crops in neighbouring states," said VN Bali, the president of RWA Federation, East Delhi said.

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Hello Jammu News at 12:12:00 PM 0


Kalburgi (K'taka), Sep 17 :  Karnataka Chief Minister H D Kumaraswamy Monday announced the coalition government's decision to cut petrol and diesel prices by Rs 2 per litre.


The announcement comes in the wake of political pressure building against Kumaraswamy after Rajasthan, Andhra Pradesh and West Bengal governments reduced fuel prices.

Andhra Pradesh Chief Minister N Chandrababu Naidu has cut taxes on fuel by Rs 2 and West Bengal Chief Minister Mamata Banerjee by Re 1.

"Today, this coalition government has decided to reduce both petrol and diesel prices by Rs 2 per litre," Kumaraswamy, who heads a JD(S)-Congress government, said while addressing an event here.

Fuel prices have been climbing since August 16.

The rising fuel prices have created a political storm with the Opposition launching a scathing attack against the Narendra Modi government, which has cited international factors for it.

Fuel prices are the steepest in Maharashtra and the lowest in Andaman and Nicobar.PTI

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Hello Jammu News at 9:30:00 AM 0


Amaravati, Sept 10 : After poll-bound Rajasthan, the Andhra Pradesh government Monday announced a Rs 2 cut in VAT on petrol and diesel to check the mounting prices of these fuels.

Chief Minister N Chandrababu Naidu announced the reduction in Value Added Tax in the state assembly. He said the state government was currently levying Rs 4 per litre VAT on petrol and diesel.

"The central government has been imposing a heavy burden on people by steeply increasing the prices of petrol and diesel despite heavy income in the form of various levies and dividends.

"Though the state is faced with a deficit budget, we have decided to reduce the tax and ease the burden on people," he said.

The state would have to forego a revenue of Rs 1,120 crore due to the measure, he said.

A day before the opposition-sponsored Bharat Bandh against rising fuel prices, poll-bound Rajasthan had on Sunday slashed the VAT on petrol and diesel.

Chief Minister Vasundhara Raje announced a 4 per cent reduction which brought the prices of the two commodities down by Rs 2.5 per litre.PTI
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Hello Jammu News at 4:55:00 PM 0

New Delhi, Sep 8: Petrol price in the national capital Saturday crossed the Rs 80 mark for the first time ever as rupee depreciation made imports costlier.

Petrol price was Saturday raised by 39 paise a litre and diesel by 44 paise per litre, according to price notification issued by state fuel retailers.

The increase pushed the petrol price in Delhi to Rs 80.38 per litre. Diesel rate touched its highest level of Rs 72.51 a litre.

In Mumbai, a litre of petrol costs Rs 87.77 and diesel comes for Rs 76.98, the notification said.

Fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes. Mumbai has the highest tax rates among the metros.

Opposition parties have called for a nation-wide 'Bharat Bandh' on Monday (September 10) to protest against the spiralling fuel prices.

The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying international oil prices are volatile and have not shown any linear movement.

Since mid-August, petrol price has risen by Rs 3.24 a litre and diesel by Rs 3.74 per litre as rupee hit record low against the US dollar, making imports costlier. This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June last year.

Almost half of the retail selling price of the two fuels is made up of central and state taxes.

On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly."

The Centre currently levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) -- the lowest being in Andaman and Nicobar Islands where 6 per cent sales tax is charged on both the fuels.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The Central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in the last four years -- from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18. (PTI)
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Hello Jammu News at 1:44:00 PM 0

New Delhi, Sep 3: Petrol and diesel prices in the country touched their highest levels Monday mainly due to dramatic fall in rupee and a sharp rise in crude oil rates.

Petrol price in Delhi rose to a record Rs 79.15 a litre and diesel climbed to a fresh high of Rs 71.15, according to price notification of state-owned fuel retailers.

This follows ?a 31 paise/litre hike in prices on Monday. Rates have breached the previous high of Rs 78.43 a litre hit on May 28. On that day, the rate in Mumbai was Rs 86.24 per litre.

A litre of petrol in Mumbai costs Rs ?86.56 on Monday.

Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017.

Diesel now costs Rs ?75.54 per litre in Mumbai.

Since August 16, petrol prices have risen by over Rs 2 per litre. Diesel prices on the other hand have risen by Rs 2.42 a litre during this period.

Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high.

Fuel prices vary from state to state due to local levies.

Officials said the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month.

Also, crude oil has gained USD 7 a barrel in a fortnight, driven by fears that the US sanctions on Iran will likely contract supplies.

The appreciation of dollar against rupee has also pushed up rates for compressed natural gas (CNG) as well as piped natural gas (PNG) since the price of gas procured by city distributors is mostly dollar-denominated.

Indraprastha Gas Ltd, which retails gas in the national capital, on Sunday raised the prices of CNG by 63 paise per kg and by Rs 1.11 per standard cubic meter for piped natural gas supplied to households for cooking purposes.

CNG now costs Rs. 42.60 per kg in Delhi and Rs 49.30 per kg in Noida, Greater Noida and Ghaziabad. The consumer price of PNG to the households in Delhi has been increased to Rs 28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be Rs 30.10 per scm, which has been increased by Rs 1.26 per scm. (PTI)
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Hello Jammu News at 2:09:00 PM 0

New Delhi, Aug 27: Diesel prices today hit a record high of Rs 69.46 per litre while petrol rates inched towards Rs 78 a litre mark after a fall in rupee made imports costlier.

Diesel price was today hiked about 14 paise per litre and petrol by 13 paise, according to price notification of state-owned fuel retailers.

The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

Diesel price had previously hit its highest level on May 29 when it reached Rs 69.31 a litre mark in Delhi.

Petrol in Delhi today costs Rs 77.91 per litre, and Rs 85.33 in Mumbai. The rates are however lower than the peak hit on May 29 when they touched Rs Rs 78.43 a litre in Delhi and Rs 86.24 in Mumbai.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a record low of 70.32 in early trade that day.

Petrol price has risen by Rs 0.77 a litre in Delhi in last 12 days. Diesel rates have gone up by Rs 0.74 per litre since then.

State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.

High prices have off-and-on triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy value added tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18. (PTI)
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Hello Jammu News at 1:21:00 PM 0

New Delhi, Jul 5: Petrol and diesel prices were today hiked for the first time in more than a month on the back of rising international rates and weakening rupee.

The increase of 16 paisa a litre in petrol and 12 paisa per litre in diesel came after an 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day.

The price of petrol in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel to Rs 67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp (IOC).

The three state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26.

"We had not changed prices for a few days in anticipation OPEC decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue," IOC Chairman Sanjiv Singh told here.

While the OPEC last month decided to raise production, the US is piling pressure on India, China, and other buyers to end all imports of Iranian oil by a November 4 deadline in a bid to choke the Persian Gulf state's economic lifeline with sanctions over its nuclear programme.

Singh said Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices.

The decision to hold on to rates was taken without any elections looming around, he said, adding international prices have risen post-OPEC decision and oil companies have to "adjust retail rates accordingly".

State-owned oil firms, who had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions, had last changed prices on June 26 when petrol price was cut by 14 paise and diesel by 10 paise.

In the preceding month, or so rates had been cut in line with dropping international rates. Prices had hit an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 per litre for diesel on May 30.

That peak had triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18. (PTI)
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Hello Jammu News at 2:12:00 PM 0

New Delhi, Jun 1: The trend of miniscule reduction in petrol and diesel prices continued for the third consecutive day today with oil firms cutting rates by 6 paise and 5 paise a litre respectively.
The reductions follow softening of international oil rates and the rupee gaining against the US dollar.
Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms.
Diesel rates have been cut to Rs 69.20 per litre from Rs 69.25.
Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.
This is the third reduction in rates coming after 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.
Petrol price was yesterday cut by 7 paise a litre and diesel by 5 paise. On Wednesday rates were cut by 1 paisa each.
These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on May 29.
In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38. (PTI)
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