INCREASE IN TAX ON PETROL

Former Chief Economic Advisor Arvind Subramanian revealed that the Centre has been sacrificing a substantial portion of GST revenue, amounting to 1 per cent of GDP annually, to uphold a 14 per cent compensation guarantee for states since the introdu...

Maharashtra's Deputy Chief Minister Ajit Pawar announced tax reductions on petrol and diesel in Mumbai, lowering diesel prices by 2 rupees per litre and petrol by 65 paise per litre. The state budget also includes provisions such as free gas cylinde...

Budget Expectations: FICCI has proposed simplifying the capital gains tax system by categorizing assets into equity instruments, debt, and other assets with specific rates for long-term and short-term gains. They have also advocated for uniform tax ...

CII also suggested that the government may use a part of the Rs 2.11 lakh crore RBI dividend to boost capital spending by 25 per cent in FY25. This will help to maintain the upward trajectory of public capex and crowd-in-private capex by reinvigorat...

The rates are still lower than those in Maharashtra, Madhya Pradesh, Rajasthan and Andhra Pradesh where the BJP is in power. Diesel costs Rs 92.15 per litre in Mumbai, Rs 91.84 in Bhopal, Rs 90.36 in Jaipur and Rs 97.02 in Vijayawada. Petrol costs R...

CM Siddaramaiah blames GST regime for fuel price hike, leading to protests by BJP leaders. Petrol price in Bengaluru now Rs 102.84, diesel Rs 88.95.

Karnataka Chief Minister Siddaramaiah challenged the BJP to protest against the Centre's treatment of the state, citing fuel price hikes and lack of central funds. He criticized the BJP for failing to address issues like rising petrol prices despite...

Petrol and diesel prices in India: The petrol price in Karnataka are still lower than neighbouring Andhra Pradesh and Maharashtra. Here are the petrol and diesel prices of major cities in India, as on June 17, 2024.

Chief Minister Siddaramaiah denied a link between election results and petrol and diesel price hikes, despite a backlash from citizens. He acknowledged the Congress's loss in Vijayapura and the BJP's drop in seats. Petrol and diesel prices were redu...

Karnataka Chief Minister Siddaramaiah defended the recent hike in petrol and diesel prices, arguing it will fund essential services and development projects. He emphasized that despite the increase, Karnataka's fuel taxes are lower than most Souther...

The BJP in Karnataka is set to protest against the recent hike in petrol and diesel prices, following the state government's decision to increase sales tax on fuel. The hike has led to a Rs 3 per litre increase in petrol prices and a Rs 3.5 per litr...

The BJP accused the Congress government in Karnataka of poor financial management after petrol price hikes. The party said that they will protest against the decision on Monday. The government announced a substantial increase in petrol and diesel pr...

The Karnataka government has announced a sudden increase in petrol and diesel prices due to a revision in sales tax. Petrol price has risen by Rs 3 to Rs 102.84 per litre, while diesel price has increased by Rs 3.02 to Rs 88.95 per litre. The Petrol...

India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run...

The govt may not discuss tax concessions for hybrid cars in the next GST Council meeting, affecting companies like Maruti Suzuki and benefiting electric car makers like Mahindra and Mahindra. Transport minister Nitin Gadkari had requested a GST redu...

Between 2013-14 and 2023-24, the annual consumption of petrol increased 117%, diesel 31%, aviation turbine fuel 50% and LPG 82%, according to the petroleum and natural gas ministry data. Kerosene consumption slumped 93% during this period as the gov...

The government has increased the windfall tax on domestically produced crude oil to Rs 6,800 per tonne from Rs 4,900 per tonne, effective from April 4. This tax, implemented as Special Additional Excise Duty (SAED), aims to regulate the petroleum in...

Petrol and diesel prices vary across Indian states due to differences in local sales tax or VAT rates. While some states like Andhra Pradesh, Telangana, and Kerala have the costliest fuel, smaller states and Union Territories like Andaman & Nicobar ...

Starting November 1, the Indian government has raised the windfall tax on domestically produced petroleum crude to Rs 9,800 per tonne, up from Rs 9,050 per tonne, according to an official announcement. Meanwhile, the windfall tax on aviation turbine...