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<ul><li><keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">Petrol</keyword> <keyword id="459" type="ORGANIZATION" weightage="20" keywordseo="price">price</keyword> on Sunday was increased by 24 paise per <keyword id="88122" type="PERSON" weightage="20" keywordseo="Litre">litre</keyword> and <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword> by 27 paise.</li><li>Rates had already crossed ₹100-mark in several cities in Rajasthan, <keyword id="6355554" type="COMPANY" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword> and <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword>.</li><li>This is the ninth increase in prices since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision.</li></ul>Petrol price on Sunday was increased by 24 paise per litre and diesel by 27 paise, pushing rates across the country to record highs and that of petrol in Mumbai to near ₹99 a litre. The increase led to rates in Delhi climbing to ₹92.58 per litre and diesel to ₹83.22, according to a price notification of state-owned fuel retailers. Rates had already crossed ₹100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, price in Mumbai too was inching towards that level. A litre of petrol in Mumbai now comes for ₹98.88 and diesel is priced at ₹90.40 per litre. Fuel prices differ from state to state depending on the incidence of local taxes such as <keyword id="6370857" type="COMPANY" weightage="20" keywordseo="VAT">VAT</keyword> and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra. This is the ninth increase in prices since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal. Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at ₹103.52 per litre and ₹95.99 a litre, respectively. In nine increases, petrol price has risen by ₹2.19 per litre and diesel by ₹2.49. Since March last year when the government raised excise duty on fuel to an all-time high, petrol price has increased by a record ₹22.99 per litre (after accounting for a handful of occasions when rates fell) and diesel by ₹20.93. Oil companies, which have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting a peak to elect new governments in five states including West Bengal. No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trend in international oil markets. Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/after-ditching-bitcoin-elon-musk-is-now-working-on-making-dogecoin-efficient/articleshow/82628521.cms">After ditching Bitcoin, Elon Musk is now working on making Dogecoin efficient</a> <a href="https://www.businessinsider.in/cryptocurrency/news/four-reasons-why-cryptocurrency-ethereum-has-been-on-a-bull-run/articleshow/82606761.cms">Four reasons why cryptocurrency Ethereum has been on a bull run</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-a-couple-from-chennai-has-come-up-with-this-innovation-of-a-surgical-mask-vending-machine-/articleshow/82605058.cms">Even small initiatives during a pandemic can help save a thousand lives, these people are doing their bit</a>

Petrol and diesel prices hiked again by 24 paise and 27 paise per litre, petrol reaches ₹99 a litre in Mumbai

<ul><li><keyword id="6367091" type="COMPANY" weightage="20" keywordseo="petrol">Petrol</keyword> and <keyword id="6397171" type="UNKNOWN" weightage="20" keywordseo="diesel-prices">diesel prices</keyword> on Monday hit record highs across the country after rates were increased for the fifth time in a week, following which <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> joined <keyword id="6355588" type="COMPANY" weightage="20" keywordseo="rajasthan">Rajasthan</keyword> and Madhya Pradesh.</li><li>Petrol price was hiked by 26 paise a litre and diesel by 33 paise per litre, according to a price notification by state-owned fuel retailers.</li></ul>Petrol and diesel prices on Monday hit record highs across the country after rates were increased for the fifth time in a week, following which Maharashtra joined Rajasthan and Madhya Pradesh in the league of states where petrol rates breached the ₹100-a-litre mark. Petrol price was hiked by 26 paise a litre and diesel by 33 paise per litre, according to a price notification by state-owned fuel retailers. This was the fifth increase in prices since May 4, when the state-owned oil firms ended an 18-hiatus in rate revision during assembly elections in states like West Bengal. The increase took petrol and diesel prices to their highest-ever level. In <keyword id="66" type="LOCATION" weightage="20" keywordseo="Delhi">Delhi</keyword>, petrol now comes for ₹91.53 per litre and diesel is priced at ₹82.06 per litre. While petrol prices had crossed the ₹100-mark in some places in Rajasthan and Madhya Pradesh a few days back, Maharashtra's Parbhani joined the league on Monday. Petrol in Parbhani was priced at ₹100.20 a litre, while in Bhopal it came for ₹99.55 a litre. The fuel is sold at ₹102.42 a litre in Sri Ganganagar district of Rajasthan and at ₹102.12 in Anuppur of Madhya Pradesh. This is the second time this year that rates in some parts have crossed the ₹100-a litre mark. Rates had breached the physiological mark for the first time in mid-February. Fuel prices differ from state to state depending on the incidence of local taxes such as <keyword id="6370857" type="COMPANY" weightage="20" keywordseo="VAT">VAT</keyword> and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh. In five increases in the last one week, petrol price has risen by ₹1.14 per litre and diesel by ₹1.33 - more than neutralising all of the reduction that came between March 24 and April 15. After raising petrol price by a record ₹21.58 per litre and diesel by ₹19.18 since the government raised excise duty to an all-time high in March last year, state-owned fuel retailers, <keyword id="6354733" type="COMPANY" weightage="20" keywordseo="ioc">IOC</keyword>, BPCL and <keyword id="6362419" type="COMPANY" weightage="20" keywordseo="hpcl">HPCL</keyword> had reduced petrol price by 67 paise a litre and diesel by 74 paise per litre effected between March 24 and April 15. Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal. No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets. They said prices have been on a continuous uptrend since April 27, crude oil price is hovering near USD 70-per-barrel mark. Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel. In Mumbai, the petrol price was hiked to ₹97.86 a litre on Monday from ₹97.61, while diesel rates were increased to ₹89.17 from ₹88.82, the price notification showed. SEE ALSO: <a href="https://www.businessinsider.in/business/news/this-ev-startup-mobycy-went-from-solving-last-mile-commute-to-delivery/articleshow/82513392.cms">It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India</a> <a href="https://www.businessinsider.in/science/health/article/if-you-are-feeling-anxious-and-overwhelmed-by-the-pandemic-and-the-news-around-it-here-are-a-few-ways-to-calm-yourself-down/articleshow/82494658.cms">If you are feeling anxious and overwhelmed by the pandemic and the news around it, here are a few ways to calm yourself down</a>

Petrol price at record high, crosses ₹100 per litre in Maharashtra; diesel price hiked by 33 paise per litre

Jaipur, Mar 22 () Petrol and diesel turned costlier in Rajasthan from Sunday with the state government increasing the value added tax (VAT) on fuels by 4 percentage points. The state government in a late-night order on Saturday announced a hike in the VAT rate on petrol from 30 per cent to 34 per cent and from 22 per cent to 26 per cent on diesel. The effective rate of petrol and diesel in Jaipur will now be Rs 75.57 per litre and Rs 69.26 per litre. In July last year, the state government had increased VAT by 4 per cent. Fuel prices have remained almost unchanged in the country even as global crude prices have halved to around USD 30 a barrel due to coronavirus outbreak. The Centre on March 13 hiked the excise duty on fuels by Rs 3 per litre. Rajasthan Petroleum Dealers Association President Suneet Bagai said that the increased rate will further affect the dealers. "Petrol and diesel pumps located in the border areas of neighbouring districts are on the verge of shut down due to the increased VAT rate. Demand is continuously decreasing," Bagai commented. He said compared to neighbouring states, prices of petrol and diesel in the state are higher by Rs 5-10 per litre. He said that revenue loss is due to decreasing sales and it is not wise to put burden on common people. The government should rather focus on generating non-tax revenue. Terming it a corrective measure, the Congress government in July last year had reversed previous Raje government's decision to reduce the VAT on petrol and diesel by 4 per cent. At that time, VAT on petrol was 30 per cent, which was brought down to 26 per cent and VAT on diesel was reduced from 22 per cent to 18 per cent. The state government through a notification on July 6 had increased VAT rate on petrol from 26 per cent to 30 per cent and 18 per cent to 22 per cent on diesel. AG MRMR

Petrol, diesel costlier in Rajasthan after VAT hike by govt

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

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Petrol and diesel prices hiked again by 24 paise and 27 paise per litre, petrol reaches ₹99 a litre in Mumbai

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Petrol price at record high, crosses ₹100 per litre in Maharashtra; diesel price hiked by 33 paise per litre

PTI

Petrol, diesel costlier in Rajasthan after VAT hike by govt

PTI

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

PTI

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