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Soaring fuel costs in Delhi are hampering Value Added Tax (VAT) revenue for the capital, according to figures released by the government.
Contrary to the State government’s claim that it is not at all considering liquor as an income generating source, there is a sharp increase in its excise revenue.
A cut in oil taxes will add to the fiscal deficit. National fiscal deficit determines bond yield and with a higher fiscal deficit the rupee becomes shakier.
He was replying to a query whether the government will cut excise duty on petrol and diesel which have touched their all-time highs.
Revenue from petroleum products in May 2018 was Rs 817.58 crore
After the Goods and Service Tax (GST) came into existence, the state government can get direct tax only from petroleum and liquor products.
Fuel rates touched a record high yesterday as oil PSUs passed on four weeks of relentless rise in international crude prices to consumers.
Saudi King Salman bin Abdulaziz Al Saud has ordered an inflation allowance for citizens to ease the expected rise in the cost of living after the newly enforced Value Added Tax.
Saudi Arabia and the UAE introduced VAT from January 1, a first for the Gulf with reports said the five per cent sales tax applies to most goods and services.
While in the US, the tweaked H-1B rules will hit the prospects of Indian techies, in Saudi Arabia the newly introduced value-added tax will increase the cost of living of Indians staying there.
As value-added tax has been imposed in the Arab nation, the cost of living will go up, eating into some of the savings of Indians, leaving them less to send home to India.