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Old 2nd February 2016, 09:05   #5311
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Default Re: The Official Fuel Prices Thread

What exactly is a floor vat? Is it percentage or an absolute value?

Here in Australia the fuel prices were not falling inline with the price decrease in crude so the Australian competition commission stepped in a tells fuel marketing companies to clean their act. Result - for the first time in years, petrol is below a $ per liter.
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Old 2nd February 2016, 11:15   #5312
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Default Re: The Official Fuel Prices Thread

ATTENTION:
Let us leave out everything else from this site, and focus on the content in this web-page


Tax details on fuel in various states ... and tax related information
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Old 2nd February 2016, 16:51   #5313
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Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by romeomidhun View Post
For all those expecting acha din:

Petrol prices reduced by 4 paise, and Diesel prices by 3 paise! Well done!
Personally I am happy that we are no longer referring to this as "fuel prices slashed".

On a more serious note, we Indians are such an argumentative lot but somehow never consider to question economic and fiscal decisions taken by our governments. I am trying not be partisan here and it does not matter whether it is NDA or UPA or Third Front.

We somehow equate government with country and believe that it is "unpatriotic" to question economic decisions by the government. While in fact, we the people are the sovereign in a republic which India still is. This is something that needs to be remembered.

The cloak of "do your patriotic duty and pay taxes" and "how will the nation develop" etc needs to be done away with and we have to force the government which is advised by a highly educated and experienced bureaucracy to start doing hard work in finding fiscal solutions rather than go the easy way of increasing excise on petrol at central level or never ending increases on road tax and VAT at state level. It is this fiscal meekness among the citizenry which is exploited to the hilt - of course enabled by us justifying this highway robbery in the name of "insert excuse of the day".

There is a time when tax becomes confiscatory and taxation should be for focussed purposes. For example Road tax should not be a cash box to run populist schemes by state government but should be in a lock box and utilized onto for improvement/maintenance of road ways etc etc.

Just my though but I feel that there isn't enough outrage as it should be on these decisions by government - which should exist only for the express purpose of serving the citizenry and not be a replacement of the colonial power we evicted 70 years back.

.
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Old 2nd February 2016, 19:32   #5314
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Default Re: The Official Fuel Prices Thread

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Originally Posted by Asifgrkhan View Post
Personally I am happy that we are no longer referring to this as "fuel prices slashed".
On a more serious note, we Indians are such an argumentative lot but somehow never consider to question economic and fiscal decisions taken by our governments. I am trying not be partisan here and it does not matter whether it is NDA or UPA or Third Front.
We somehow equate government with country and believe that it is "unpatriotic" to question economic decisions by the government. While in fact, we the people are the sovereign in a republic which India still is. This is something that needs to be remembered.
The cloak of "do your patriotic duty and pay taxes" and "how will the nation develop" etc needs to be done away with and we have to force the government which is advised by a highly educated and experienced bureaucracy to start doing hard work in finding fiscal solutions rather than go the easy way of increasing excise on petrol at central level or never ending increases on road tax and VAT at state level. It is this fiscal meekness among the citizenry which is exploited to the hilt - of course enabled by us justifying this highway robbery in the name of "insert excuse of the day".
There is a time when tax becomes confiscatory and taxation should be for focussed purposes. For example Road tax should not be a cash box to run populist schemes by state government but should be in a lock box and utilized onto for improvement/maintenance of road ways etc etc.
Just my though but I feel that there isn't enough outrage as it should be on these decisions by government - which should exist only for the express purpose of serving the citizenry and not be a replacement of the colonial power we evicted 70 years back.
I agree with most of what of what you have said and feel that one needs to add that, tho' the bureaucracy is 'educated & experienced', it is not necessarily on its toes! Often the mantra is "business as usual" lethargy when the need of the hour is for motivated self-starters. With the largest technical man-power pool in the world & and with a climate providing among the highest clear-sun days round the year, how is it that we have done so little to push the solar-power envelope or for that matter, the entire renewable energy sector? A couple of years ago there was some media noise about bio-fuels (jatropha & bagasse sourced fuels) which too seems to have been quietly buried.
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Old 3rd February 2016, 08:49   #5315
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Default Re: The Official Fuel Prices Thread

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Originally Posted by extreme_torque View Post
What exactly is a floor vat? Is it percentage or an absolute value?
The term was coined when states decided to make VAT a flat rate if the percentage was dropping so as to make their 'cut' less than a certain amount. So VAT is a percentage, which defaults to the 'floor' if the calculated VAT (as a percentage) falls below a certain value.

When fuel prices were high states got comfortable with the revenues, so were unhappy as the 'take' got reduced due to a fall in fuel prices. Most state babus and netas have no concept what VAT (or for that matter GST) is all about.
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Old 3rd February 2016, 13:51   #5316
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Default Re: The Official Fuel Prices Thread

Perhaps oil won't languish at these levels for long:

http://www.bloomberg.com/news/articl...s-supply-eases
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Old 3rd February 2016, 14:34   #5317
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Default Re: The Official Fuel Prices Thread

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Originally Posted by StarScream View Post
Perhaps oil won't languish at these levels for long:

http://www.bloomberg.com/news/articl...s-supply-eases
This just seems to another rumour like the one we saw before saying that oil won't last even 50 years. Fat chance of oil hitting 50 dollars before the end of this year. Even if US shale goes out of production, there is enough and more <10$ a barrel oil(production cost) from Iran that is waiting to hit the markets. Unless we see major economic recoveries in US, Europe and China together, oil will be in no hurry to start climbing again. Even the 1st strategic reserve we filled up in Vizag proved to be a wrong economic decision. We could have filled up two such reserves if the oil was bought about now.
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Old 3rd February 2016, 22:03   #5318
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Its actually true now.
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Old 4th February 2016, 15:45   #5319
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Default Re: The Official Fuel Prices Thread

Great video to understand fuel pricing!

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Old 4th February 2016, 16:18   #5320
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Default Re: The Official Fuel Prices Thread

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Originally Posted by GTO View Post
Great video to understand fuel pricing!
Thank you for sharing this short video GTO. Since the source of this video is coming from Government of India itself there is no doubt on its authenticity. Wonder where all the money collected from the Central Excise and the VAT goes.

Last edited by AutoIndian : 4th February 2016 at 16:21.
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Old 4th February 2016, 17:48   #5321
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Default Re: The Official Fuel Prices Thread

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Originally Posted by AutoIndian View Post
Thank you for sharing this short video GTO. Since the source of this video is coming from Government of India itself there is no doubt on its authenticity. Wonder where all the money collected from the Central Excise and the VAT goes.
Everything is tabulated in the budget documents. Need some patience to go through them. Normally people are just interested in the tax deductions they are going to get in the budget.
Here are the major expenditure heads.
http://indiabudget.nic.in/ub2015-16/bag/bag3.pdf
It will be shocking for many that the major expenditure to the tune of 4.5L crore is for servicing interests. The fiscal deficit for 2015-16 is a whopping 555,649 Cr where as the total excise duties receipt is 229,808 Cr . The extra excise earnings from oil are peanuts compared to this.
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Old 4th February 2016, 18:31   #5322
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Default Re: The Official Fuel Prices Thread

@drsingh; reminds me of a statement by a CIT when I was a kid. 'You do not work for yourself but for us, and we leave some money with you in the end.' These were the days when the peak Income Tax was above 90%!.
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Old 16th February 2016, 00:35   #5323
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Default Re: The Official Fuel Prices Thread

OMG!
For the Rs. 60 per liter the the GOVT saps more than 50 % out of it (~ Rs. 34)

When I had some Income, I paid Income Tax.
If I were to buy a car, I am paying VAT, Excise and Road Tax.
If I fill the car, I am paying Taxes.
If I go on a trip, I pay the Toll Tax.

Perhaps one of the many reasons to save tax Indians rate Kitna Deti hai? (What's the fuel efficiency?) figure high.
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Old 16th February 2016, 07:44   #5324
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Default Re: The Official Fuel Prices Thread

By the way there is no announcement regarding fuel price increase/decrease? The announcement normally happens on 1st and 15th right?
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Old 16th February 2016, 10:12   #5325
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Default Re: The Official Fuel Prices Thread

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Originally Posted by MaxTorque View Post
By the way there is no announcement regarding fuel price increase/decrease? The announcement normally happens on 1st and 15th right?
Some of them might be feeling ashamed of reducing the price by 1 paise!
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