VAT Current Affairs, GK & News

Cut in Excise Duty on Petrol

The union finance minister recently announced the excise cut on petrol and diesel to contain inflation. She also announced a ₹200 subsidy for those buying LPG cylinders under the PM Ujjwala Yojana scheme. How much excise duty is reduced and what is the revenue implication? Union Finance Minister announced reduction of central excise duty on ..

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States vs Centre on fuel taxes

The Centre and the states are at loggerheads over taxes and duties on petrol and diesel. What is the argument of the Centre? Centre feels that some states are not reducing Value added tax (VAT) on petrol and diesel in line with the Centre’s cut in excise duty. Recently, Prime Minister Narendra Modi said Maharashtra, ..

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2 years of GST

The landmark one-nation, one-tax reform, the Goods and Services Tax (GST) was introduced on July 1, 2017. In its two year journey, it has shown some hiccups, a little more challenges and a lot of potential for future growth. What is GST? The Goods and Services Tax is a destination based, value-added tax on the ..

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Indirect Taxes in India

Indirect taxes include service tax, sales tax, custom, excise duties, VAT, MODVAT, CENVAT, proposed Goods & Services Act etc. Initially the indirect tax regime was too complicated and there was an ubiquitous problem of tax on tax. Post liberalization, there is a lot of change in the Indirect tax administration of the country and there ..

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