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Petrol pump owners have reversed their decision after they threatened to stop accepting credit and debit card payments,. Earlier, the owners of fuel stations had threatened to stop accepting cards as banks had decided to levy transaction fee of upto 1%. However, after the Centre stepped in, pump owners have now decided to defer the decision by four to five days. 
 According to the sources, the government has assured the dealers that the merchant discount rate or MDR fee won't be applied till January 13. The intervention came after the petroleum dealers' association had written to Union finance minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, informing him about the sudden decision by the banks to levy the transaction charge and their resolution to refuse card payments. 
 Fuel pump owners had decided to discontinue accepting plastic money from Monday to protest against <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword>’s merchant discount rate (MDR) levy. 
 “HDFC Bank has made the first move to charge MDR for every transaction made using plastic money. About 75 per cent of petroleum dealers have HDFC Bank’s Point of Sale (PoS) terminals. HDFC Bank has made the first move to charge MDR for every transaction made using plastic money,” <keyword id="683434" type="PERSON" weightage="20" keywordseo="Ravi-Shinde">Ravi Shinde</keyword>, president of Petrol Dealers’ Association, told ET. 
 
The decision by fuel dealers could have hit the consumers as well the government's efforts to push cashless transactions amid a nationwide cash shortage following the scrapping of Rs. 500 and 1,000 rupee notes. 
 "We want to help the government in the digital and cashless drive. Our margins are already less. We want them to compensate us," <keyword id="267028" type="PERSON" weightage="20" keywordseo="Ajay-Bansal">Ajay Bansal</keyword>, chief of All-India Petroleum Dealers' Association, told ET. 
 The pumps have been notified that 1% charge will be levied on all credit card transactions and between 0.25% and 1% on all debit card transactions from January 9, 2017. The banks have quoted a circular issued by the <keyword id="50847" type="CITY" weightage="20" keywordseo="Reserve-Bank">Reserve Bank</keyword> on December 16 as the reason for the extra charges, the letter said. It went on to add, "Banks are using this as an excuse to improve their bottom line through transactions at fuel stations."

Temporary relief? Petrol pumps will be accepting credit/debit cards for now

Riled over low margins, <a href="http://www.businessinsider.in/searchresult.cms?query=petrol+pumps&amp;sortorder=effectivedate">petrol pump </a>owners are planning to shut their outlets on Sundays from May onwards and also operate only from 9am to 6pm to cut costs. 
 
They have threatened to call a “no purchase petrol and diesel day” on May 10 and subsequently shut outlets every Sunday. The weekly Sunday off will start from May 14. 
 
They are demanding higher margin by the<a href="http://www.businessinsider.in/searchresult.cms?query=Indian+government&amp;sortorder=effectivedate"> government</a>. 
 
The petrol dealers association said the 'No Purchase Day' is aimed at telling state-run oil marketing companies that they are opting for 'war path'. 
 
They had earlier withdrawn a strike in January after the OMCs promised dealers to revise commission. They said the agitation would continue till the business becomes viable and higher margins are announced. The decision was taken at a meeting of the consortium of Indian Petroleum Dealers, which has 53,000 members. 
 
"The decision would be applicable after May 10 unless the government intervenes. The resolution has been taken as the oil companies have not released the dealer margins since 2011," said Ravi Shinde from the Petrol Dealers' Association. 
 
Currently, many outlets function between 6 am and 10 pm while some are open round the clock and seven days a week.

Petrol pump owners threaten to shut outlets on Sundays from May. Here’s why

Petrol pumps and LPG retail outlets based in Bengaluru and other urban areas of Karnataka might be mandatorily asked to obtain a No Objection Certificate (NoC) from the oil marketing companies in case they want to switch businesses. 
 
This means that oil companies too will need to approve the changes that the landlord decides in using the land. It was after the ministry of petroleum and natural gas sent a letter to the urban development department, asking it to treat retailing of petrol, diesel and LPG as essential activities that the department sent a circular to this effect to BDA and other state authorities. 
 
The new rule only applies to outlets that are affiliated to public sector oil marketing companies, leaving private retail outlets untouched. 
 However, the new rule has not met the consent of <keyword id="3511610" type="UNKNOWN" weightage="100" keywordseo="IT-Bangalore-Petroleum-Dealers-Association">IT Bangalore Petroleum Dealers Association</keyword>, which has expressed its grief. 
 
Association president BR Ravindranath said that the pumps are closing down because the landlords don't want to renew the lease keeping in mind the poor rentals that these state-run oil firms pay. 
 
"They want to pay peanuts for the land they get. Instead of making rentals attractive, they come up with irrational rules such as this infringing upon the fundamental rights of citizens," he told <a href="http://economictimes.indiatimes.com/industry/energy/oil-gas/noc-must-if-fuel-pumps-want-to-switch-business/articleshow/53374645.cms">ET</a>. 
 
"The oil marketing companies are making no efforts to retain the landlords, and as a result, more than a dozen pumps have closed down in the past two years," he added. 
 
<a href="http://blog.sajithm.com/wp-content/uploads/2008/07/20080703_132213.jpg">Image source</a>

Karnataka govt brings new rule for petrol pump owners, mandates NOC for switching businesses

Car owners can now breathe a sigh of relief as the petroleum dealers who had earlier planned a two-day nationwide no-purchase strike today and tomorrow have called it off. They have decided to halt the agitation programmes as oil companies have promised to look into their demand for hiking commission before December 31. 
 
 
The Consortium of Indian Petroleum Dealers (CIPD) said they would go on a full-fledged strike on November 15 to press for their demand to increase commission. 
 
Besides, the dealers had said petrol pumps will be selling fuel for limited hours from Saturday and will not operate on Sundays or Government holidays, according to a report by news agency. 
 
However, they decided not to go ahead with these programmes after holding talks with representatives of oil companies in Mumbai. 
 
"Our discussions with oil companies yielded results. They promised to address our issues (hike in commission) before December 31. So we are calling off our agitation programmes," CIPD Joint Secretary Rajiv Amaram told the news agency. 
 
The CIPD has demanded implementation of the recommendations made by the Apoorva Chandra Committee in 2011. 
 
The committee recommended commissions of over Rs 4 for petrol and about Rs 3 for diesel per litre. The then UPA Government hiked the commission on petrol to Rs 2.15 and diesel to Rs 1.28 from Re 1 and Re 0.70, respectively. 
 
Amaram said the dealers are supposed to get the arrears also from 2011. The dealers had stopped purchase of fresh stocks of petrol and diesel at 54,000 fuel outlets across the country from oil companies from yesterday. In Telangana alone, over 1,400 truckloads of petrol and diesel were not lifted yesterday and today by petroleum dealers in the State.

The
nation-wide petrol pump strike has been called off

Petrol dealers across the nation have threatened that they will go on full strike on November 15th, if their demands to increase commission aren’t fulfilled. Presently, the dealers are on a two-day no-purchase strike. 
 Also, it has been confirmed by the Consortium of Indian Petroleum Dealers (<keyword id="281869" type="ORGANIZATION" weightage="20" keywordseo="CIPD">CIPD</keyword>) that from tomorrow onwards, fuel will be sold on <keyword id="116241" type="UNKNOWN" weightage="20" keywordseo="petrol-pumps">petrol pumps</keyword> for limited hours and the petrol pumps won’t be operating on Sundays or any government holidays. 
 <keyword id="1073643" type="PERSON" weightage="20" keywordseo="Rajiv-Amaram">Rajiv Amaram</keyword>, joint secretary of CIPD, a one-day strike will be observed by all the petrol pumps across the country id the companies don’t pay heed to their demands. He also said in Telangana alone, over 1,400 truckloads of petrol and diesel was not lifted yesterday and today by petroleum dealers in the state. 
 
"We have stopped purchasing petroleum products yesterday and today. From tomorrow, we will sell petrol or diesel or any other product according to government office timings like 9 AM to 6 PM. We will also not sell on Sundays or any other government holidays. If the government does not listen to us then we will call for a strike on November 15," Amaram told PTI. 
 The CIPD has demanded implementation of the recommendations made by the <keyword id="3765562" type="UNKNOWN" weightage="20" keywordseo="Apoorva-Chandra-committee">Apoorva Chandra Committee</keyword> in 2011 which were over Rs 4 for petrol and about Rs 3 for diesel per litre

Petrol pumps may observe nationwide strike on Nov 15th, here’s why

<ul><li>Officials from the petroleum ministry have said that the <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> will ask <keyword id="6354737" type="CITY" weightage="20" keywordseo="ONGC">ONGC</keyword> to sell it’s <keyword id="4869" type="PERSON" weightage="20" keywordseo="Fuel">fuel</keyword> to refiners and distributors at around $70 a barrel.</li><li>Global <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> prices are currently $79.5 a barrel.</li><li>The move is significant, and along with a cut in dealer commissions, could reportedly cut fuel prices by around ₹2 a litre.</li></ul> With fuel prices rising for the eleventh consecutive day <a href="https://www.iocl.com/TotalProductList.aspx">this morning</a>, India’s government is finally stepping in to avert a full-blown crisis. But rather than endangering the revenues it receives from taxes and duties on <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword>, given its widening fiscal deficit, it is asking India’s largest gas and oil exploration company to take a hit. Officials from the petroleum ministry <a href="http://indianexpress.com/article/india/to-reduce-fuel-price-government-looks-at-ongc-to-share-the-burden-5189025/">have said</a> that the government is looking to get the state-owned ONGC to sell its fuel below the current global price - which is <a href="https://oilprice.com/oil-price-charts">$79.5 a barrel</a> at the moment. A price level of $70 a barrel was mooted. Concurrently, the government is also asking dealers and distributors to reduce their commissions by as much as ₹0.23 a litre. The move is significant, and will reportedly cut fuel prices by around ₹2 a litre. ONGC accounts for nearly 70% of India’s domestic oil production and supplies to all of India’s major state-owned refiners- Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum. Until mid-2015, ONGC and the government worked together to relieve consumers from higher LPG and kerosene prices through <a href="http://www.dnaindia.com/business/report-government-exempts-ongc-oil-from-lpg-subsidy-payments-2079428">a subsidy-sharing agreemen</a>t. However, as global oil prices began to plummet, the national oil producer was off the hook. Welfare schemes could be affected If the latest burden-sharing scheme with ONGC proves to be ineffective, then the government will have to cut excise duties - something that it is evidently reluctant to do. Excise duties on fuel help fund a lot of government programmes, including subsidies for exporters and spending on education, infrastructure and health. Nitin Gadkari, the Union Minister for roads and highways, issued a warning in this regard. Speaking to the Indian Express, Gadkari said that any subsidies for petrol and diesel would result in <a href="http://indianexpress.com/article/india/fuel-price-hike-any-cut-will-be-at-the-cost-of-welfare-schemes-says-nitin-gadkari-5189008/">the diversion of funds from social welfare schemes</a>. A few schemes he mentioned included health insurance, irrigation, free LPG and the Mudra loan scheme for small businesses. A long-term solution Yesterday, India’s law and information minister, Ravi Shankar Prasad, offered reporters <a href="http://www.business-standard.com/article/economy-policy/govt-charting-long-term-plan-to-tame-fuel-prices-says-ravi-shankar-prasad-118052400050_1.html">an idea of the government’s plans</a>, explaining that a long-term solution was in the offing and that it didn’t involve a cut in duties. Prasad singled out the daily fluctuations of fuel prices, a consequence of the dynamic pricing regime that was instituted last year, and added that the burden of higher prices should fall not only on the government and consumers, but on fuel distributors as well. However, for now it seems that the government will only rely on short-term solutions like asking ONGC to cut its oil prices. Given that national elections are around the corner, it is unlikely to push for a long-term reform in India’s fuel pricing regime unless it is assured of a new five-year mandate. Global oil prices, meanwhile, are expected to rise <a href="https://www.bloomberg.com/news/articles/2018-05-16/morgan-stanley-says-a-shipping-revolution-has-oil-headed-for-90">to $90 a barrel by 2020</a>, according to Morgan Stanley. For it’s part, ONGC has pledged to reduce India’s dependence on oil imports by doubling its production within <a href="https://www.thehindubusinessline.com/companies/ongc-to-double-natural-gas-production-in-next-3-4-years/article23959169.ece">the next four years</a>. In order to do this, it will have to be able to support its capital spending, which will be hard if it sells its oil at below-market prices. Hence, the government will have to step in again. As is evident, there are no easy fixes in the short term.

India’s government is asking its largest oil company to sell fuel below global prices

Instead of a fortnightly revision, the state-run oil companies are planning to review<a href="http://www.businessinsider.in/searchresult.cms?query=fuel&amp;sortorder=effectivedate"> fuel </a>rates every day, in a bid to be on the same page as many of the advanced markets. 
 
Executives of state-run oil companies such as<a href="http://www.businessinsider.in/searchresult.cms?query=indian+oil+corporation&amp;sortorder=effectivedate"> Indian Oil Corp</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=bharat+petroleum&amp;sortorder=effectivedate">Bharat Petroleum</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=hindustan+petroleum&amp;sortorder=effectivedate">Hindustan Petroleum</a>, have discussed this strategy with Oil Minister Dharmendra Pradhan. 
 
"The idea of daily fuel pricing has been there for sometime. But now we have the technology to implement it. So we will do it," a top executive told ET. 
 Changing <keyword id="61430" type="UNKNOWN" weightage="20" keywordseo="fuel-prices">fuel prices</keyword> on every day basis won’t be a hassle, thanks to <a href="http://www.businessinsider.in/searchresult.cms?query=automation&amp;sortorder=effectivedate">automation </a>at most of the filling stations. 
 
Companies can inform about change of prices through online platforms. 
 
"Daily price revision is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase,” said the executive mentioned above. 
 
If you’re worried about drastic changes, don’t fret as the prices would change just by a few paise. 
 
India lifted price control on diesel in 2014 and on petrol in 2010, which allowed state companies to charge market prices, and encouraged private companies to reenter the fuel retailing business. 
 
At present, state companies review prices at the end of every fortnight and raise or reduce them depending on the prevailing international prices.

Petrol, diesel prices may change every day. Here’s why

<keyword id="46210" type="ORGANIZATION" weightage="20" keywordseo="Vehicle">Vehicle</keyword> registrations declined on both sequential and year-on-year (YoY) basis in <keyword id="47317" type="ORGANIZATION" weightage="20" keywordseo="February">February</keyword> 2021. On Tuesday, the data released by the <keyword id="1692051" type="COMPANY" weightage="20" keywordseo="Federation-of-Automobile-Dealers-Associations">Federation of Automobile Dealers Associations</keyword> (FADA) showed that vehicle <keyword id="6357068" type="DEFINITION" weightage="20" keywordseo="Registration">registration</keyword> declined by 13.43 per cent to around 14.99 lakh in February 2021, compared to over 17.31 lakh units reported for the corresponding period of last year. Similarly, the registration count declined on a sequential basis to around 14.99 lakh in February from over 15.92 lakh in January 2021. However, in February 2021, registration of personal vehicles grew by 10.59 per cent on a YoY basis to 254,058 units. Similarly, tractor registration rose 18.89 per cent on a YoY basis in February to 61,351 units. In contrast, two-wheeler registration fell by 16.08 per cent to over 10.91 lakh units. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gold-prices-are-falling-and-the-worlds-biggest-market-for-the-yellow-metal-is-hoping-for-more-shoppers/articleshow/81406658.cms">Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers</a> <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a>

Vehicle registrations fell 13.43% in February, says FADA

<keyword id="96419" type="COMPANY" weightage="20" keywordseo="Harley-Davidson">Harley-Davidson</keyword> dealers on Thursday sought fair deal from the company, which has announced its exit from the country and has announced partnership with <keyword id="6357252" type="COMPANY" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> for the Indian market. <keyword id="10376306" type="COMPANY" weightage="20" keywordseo="the-harley-davidson-dealers-association">The Harley-Davidson Dealers Association</keyword> represents 33 outlets in the country. "All the 33 dealer partners have been facing a problem since Harley-Davidson announced withdrawal of <keyword id="10376304" type="UNKNOWN" weightage="20" keywordseo="independent-operations">independent operations</keyword> in India and revealed a new partnership with Hero MotoCorp," the Harley-Davidson Dealers Association said in a statement. Given a time-bound, take it or leave it situation that offered them no other option, 10 of the 33 dealer partners have gone ahead with becoming a part of the Hero MotoCorp's dealership network, it added. Given the situation where the dealers continue to wait to hear from Harley-Davidson on the issue of adequate compensation, these new dealership offers being held off for 23 of the 33 dealers only indicates how it is not beneficial to anyone, it noted. "Hero MotoCorp absorbing only 33 per cent of the dealers leaves the rest with uncertainty about the fate of the dealer partner investments and future business outlooks. This includes the 10 dealers who will be coerced to act without receiving any benefit," <keyword id="10376305" type="COMPANY" weightage="20" keywordseo="the-dealer-association">the dealer association</keyword> said. Hero MotoCorp is yet to decide on the fate and plight of the 23 dealers who are not being approached by it to be a part of its dealership network, it added. "We feel that providing us with a fair deal is Harley-Davidson's undeniable responsibility towards us," the dealers noted. In September this year, Harley-Davidson announced discontinuation of sales and manufacturing operations in India, a decade after it started selling its premium bikes in the country. In late-October, Hero MotoCorp and Harley-Davidson announced a partnership for the Indian market. As part of the deal, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name in the country. Besides, it will take care of service and parts requirements for Harley bikes. Further, Hero MotoCorp would sell Harley accessories and general merchandise, riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and its existing sales network in the country. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/a-coordinated-global-network-of-hackers-tried-to-break-into-the-covid-19-cold-chain-which-transports-vaccines-at-94-degrees-fahrenheit/articleshow/79549902.cms" data-type="tilCustomLink">A coordinated, global network of hackers tried to break into the COVID-19 'cold chain,' which transports vaccines at -94 degrees Fahrenheit</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms" data-type="tilCustomLink">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

Harley-Davidson dealers seek 'fair deal' as only 10 approached by Hero MotoCorp

Retail sales of overall vehicles in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> grew by 15.28 per cent to 2,11,20,441 units in 2022 led by record sales of passenger vehicles and tractors, <keyword id="1692051" type="General" weightage="50" keywordseo="federation-of-automobile-dealers-associations" source="Orion">Federation of Automobile Dealers Associations</keyword> (<keyword id="354719" type="General" weightage="100" keywordseo="fada" source="Orion">FADA</keyword>) said on Thursday. In 2021, total retail sales of vehicles in India were at 1,83,21,760 units, FADA said in a statement. Two-wheelers retail sales stood at 1,53,88,062 units last year, a growth of 13.37 per cent from 2021 when sales stood at 1,35,73,682 units. Passenger vehicles (PV) retail sales were at 34,31,497 units in 2022, as against 29,49,182 units in 2021, up 16.35 per cent, it added. FADA President Manish Raj <keyword id="1114" type="General" weightage="80" keywordseo="singhania" source="Orion">Singhania</keyword> said, "For CY2022, while total vehicle retails grew by 15 per cent year-on-year and 17 per cent compared to CY20 it failed to surpass CY19 retails, (a pre-Covid year) and registered a fall of 10 per cent." He further said, "The PV category during this period continued to gain new grounds by clocking 34.31 lakh retails during the full year. This is by far, the highest retails which PV has done till date." Singhania, however, lamented that the two-wheeler segment once again failed to impress as retail sales during December 2022 continued to fall after two good months. "Reasons like rise in inflation, increased cost of ownership, rural market yet to pick up fully and increased EV sales, the ICE (internal combustion engine) two-wheeler segment is yet to see any green shoots," he added. In 2022, commercial vehicles retail sales stood at 8,65,344 units, as against 6,55,696 units in 2021, a growth of 31.97 per cent. "The CV segment has continued to grow during entire CY2022 and is now almost at par with CY2019 retails. With an uptick in demand in LCV (light commercial vehicles), HCV (heavy commercial vehicles), buses and construction equipment, the government's continued push for infrastructure development has kept this segment going," Singhania said. He also said the three-wheeler segment which was completely down during <keyword id="8764262" type="General" weightage="50" keywordseo="covid" source="Orion">Covid</keyword> has recovered well and has narrowed its gap when compared to CY2019. "Within the segment it's the electric rickshaw sub-segment which is showing triple-digit growth thus pushing the EV market share above 50 per cent mark," he added. Three-wheeler retail in 2022 stood at 6,40,559 units, as compared to 3,73,562 units in 2021, up 71.47 per cent. Singhania said the tractor segment was the only other segment apart from PV which has grown well above calendar years 2021,2020 and pre-Covid year of 2019. "It has also registered a new lifetime high sales of 7.94 lakh units. This feat was possible due to consistently good monsoon, improved cash flow with farmers, better MSP of crops and government's focus on better procurements," he added. Tractor retail sales in 2021 were at 7,69,638 units. Apart from this, timely sowing of rabi crops also helped to continue this momentum. Festive season sales which were normal after 3 years also played its part in this strong momentum, Singhania said. In December 2022, FADA said the total vehicle retail sales were down 5.4 per cent at 16,22,317 units as against 17,14,942 units in the year-ago month. Two-wheelers retail sales stood at 11,33,138 units last month, as against 12,75,894 units in December 2021, a decline of 11.19 per cent, FADA said. Passenger vehicle retail sales were at 2,80,016 units as compared to 2,58,921 units in December 2021, up 8.15 per cent, while commercial vehicles segment witnessed retail sales of 66,945 units as compared to 60,491 units in December 2021, a growth of 10.67 per cent. On the outlook, FADA said global geopolitical headwinds, tightening monetary policy and the lingering effect of the pandemic have combined to create a gloomy global outlook. "Auto OEMs have done routine price hikes in December and have announced the same at the beginning of this year. Apart from this, BS-VI phase II norms coming in, there will be further price hikes across all categories," it said, adding to counter this, Auto OEMs should announce special schemes so that retail sales momentum continues. Due to inflation pressure, upcoming change in vehicle norms resulting in price hikes, FADA said it remains cautious during the last quarter of FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hyderabadi-satya-nadella-insulted-by-his-own-software-as-it-calls-biryani-a-tiffin/articleshow/96756350.cms">Hyderabadi Satya Nadella 'insulted' by his own software as it calls Biryani a tiffin</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/twitterati-misses-ashneer-grover-snapping-in-shark-tank-india-s2/slidelist/96754759.cms">Doglapan, bilkul bakwas: Twitterati misses Ashneer Grover snapping in Shark Tank India S2</a>

Total vehicle retail sales jump 15 pc to 2.11 crore units in 2022: FADA

<ul><li><keyword id="6355988" type="COMPANY" weightage="20" keywordseo="assocham">ASSOCHAM</keyword> (Associated Chambers of Commerce and Industry) of India has suggested to rope in <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">Petroleum</keyword> products into the Goods &amp; Services Tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) net. </li><li>The Centre earned a whopping ₹2.4 trillion as excise duty from the petroleum sector in the 2017-18 fiscal. </li><li>The chamber also suggested relaxation on GST to restaurants and real estate sectors.</li></ul>Petroleum products should be brought under the Goods &amp; Services Tax (GST) ambit, according to industry body ASSOCHAM (Associated Chambers of Commerce and Industry). ''The two-year period for keeping petroleum products outside GST is almost over. Also, these products being outside GST leads to increase in cost for businesses. Therefore, these products should be brought under the GST," Asscham’s memorandum to the GST Council said. The industry body said that this move will help streamline businesses and seamless credit of Input Tax Credit (ITC). Some of the many taxes that petroleum products now attract includes, local and state taxes such as <keyword id="6391795" type="UNKNOWN" weightage="20" keywordseo="stamp-duty">stamp duty</keyword>, vehicle tax, mandi tax and road tax. Bringing it under GST can minimize the surging effect of taxes. In return, Assocham wants some relaxation on GST to restaurants and real estate players. It also sought clarity on the tax imposed on international transactions. The Centre collected a large chunk of its taxes from petrol and diesel due to the increasing rates during November 2014 to January 2016 period. It earned nearly ₹2.4 trillion as <a href="https://www.livemint.com/Industry/VfkjBX4mdrO24LnteA1BBN/Reduction-in-taxes-best-solution-to-check-fuel-price-rise-A.html">excise duty</a> from the petroleum sector in 2017-18 fiscal.

You Searched For "india petroleum dealers association" and got 11 results

Temporary relief? Petrol pumps will be accepting credit/debit cards for now

BI India Bureau

Petrol pump owners threaten to shut outlets on Sundays from May. Here’s why

BI India Bureau

Karnataka govt brings new rule for petrol pump owners, mandates NOC for switching businesses

BI India Bureau

The nation-wide petrol pump strike has been called off

BI India Bureau

Petrol pumps may observe nationwide strike on Nov 15th, here’s why

BI India Bureau

India’s government is asking its largest oil company to sell fuel below global prices

Dilsher Dhillon

Petrol, diesel prices may change every day. Here’s why

BI India Bureau

Vehicle registrations fell 13.43% in February, says FADA

IANS

Harley-Davidson dealers seek 'fair deal' as only 10 approached by Hero MotoCorp

PTI

Total vehicle retail sales jump 15 pc to 2.11 crore units in 2022: FADA

PTI

Petrol and diesel should come under GST, says industry body Assocham

Prerna Sindwani

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