Crude oil prices which touched rock bottom when the covid pandemic broke out in 2020 have gained steadily since then, as the world made progress in the battle against the coronavirus. However, with the onset of the Russia-Ukraine war in February and following supply chain disruptions, oil prices began climbing, peaking at $127.98 in March. With the global economy slowing down, crude oil prices fell as low as $76.1 in the first week of December. However, retail customers may have to wait longer for relief, why? Let us analyze the implications of cheaper oil for the Indian economy.
1 Feb 2023Total GST collections come at Rs6.78 trillion as compared with the 2018-19 Budget Estimate of Rs7.44 trillion, including SGST and IGST
1 min read22 Nov 2018States are of the view that inclusion of petroleum products under GST is unlikely to reduce their prices as states have powers to levy a tax over and above the peak GST rate
2 min read20 Sep 2018Of the total trade deficit of $18 billion in July 2018, the deficit on account of oil and petroleum products was smaller than the deficit for other items
1 min read16 Aug 2018Currently, diesel, petrol, crude oil, natural gas and aviation turbine fuel are outside the purview of GST, and states have the right to impose VAT on these items
2 min read6 Jul 2018States are reluctant to bring in petrol, diesel under GST and ceding their source of revenue. They want the tax revenues under GST to settle before further changes to the GST architecture
1 min read29 Jun 2018The growth is mainly on account of a spurt in the export of petroleum products, which are up 104% from a year ago
1 min read19 Jun 2018Andhra Pradesh will lose substantial revenue if natural gas is included in GST as its consumption is lesser than production, says state minister Yanamala Ramakrishnudu
1 min read9 Jun 2018Prakash Javadekar welcomed cooperation from the states to share the fuel burden and said that they too levy taxes on petroleum products
1 min read2 Jun 2018GST Council veered around to the idea of registered entities continuing to file GST returns in GSTR 3B form while moving to a system where supplier invoice captures details of the transaction
1 min read18 Jan 2018The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared