Maharashtra government tries to get fuel under GST ambit
Chief Minister Devendra Fadnavis on Sunday said that the state government is working on various proposals to provide relief from the rising fuel prices. He further mentioned that bringing petroleum products under GST (Goods and Services Tax) is one of the ways of reducing prices. The state government expects that by bringing the fuel prices within GST ambit the prices will reduce roughly by Rs 5 to 6 per litre. Fadnavis spoke to a news agency in New Delhi before returning to Mumbai and made it clear that the subject is with the GST Council. He said that if GST council takes a decision to bring it under goods and services tax then Maharashtra Government would support it. Chief Minister Fadnavis also slammed the opposition for calling ‘Bharat Bandh’ on Monday over the issue. The Congress has given a call for a nation-wide shut-down on Monday to protest the increasing petroleum prices. The state government is in favour of bringing petrol and diesel into the Goods and Services Tax regime and it would plead the case for the same during GST council meeting. Finance minister Sudhir Mungantiwar on Tuesday told media persons after the Cabinet meeting that the state government would request the GST council, comprising of finance ministers of all states, to bring fuel within the ambit of the GST. Mungantiwar pointed out that the state government had reduced the Value Added Tax (VAT) on petrol twice last year and had given a relief of Rs 3,067 crore to the people of Maharashtra. He told that as far as diesel prices were concerned, Maharashtra stands 8th in the country but petrol is costliest in Maharashtra. According to an official from the finance department, the petrol and diesel prices are likely to reduce by Rs 5 to Rs 6 per litre. There will be input credit to the industries using diesel and to the oil companies for the tax they pay for their services, machinery resulting in a reduction of prices. State government’s annual income from the VAT on petrol and diesel is to the tune of Rs 26,000 crore. Cory Spangenberg Womens Jersey
Rajasthan CM announces a 4-pc reduction in VAT on petrol, diesel
Rajasthan Chief Minister Vasundhara Raje announced a four-per cent reduction in value-added tax (VAT) on petrol and diesel on Sunday, which will reduce their prices by Rs 2.5 per litre in the state. VAT on petrol will be reduced from 30 to 26 per cent and on diesel from 22 to 18 per cent, Raje announced at a public meeting organised in Rawatsar in Hanumangarh district as part of her ‘Rajasthan Gaurav Yatra’. The revised rates will be effective from this midnight. The decision will cost the exchequer Rs 2,000 crore and will provide the people a relief of Rs 2.5 per litre on petrol and diesel. “We have decided to reduce VAT on diesel and petrol by 4 per cent, which will provide much-needed relief to the people of the state, be it farmers or women or others,” Raje told reporters in Rawatsar after making the announcement. Petrol and diesel prices set new records Sunday as they continued their upward march on fall in rupee and surge in global crude oil rates. The opposition Congress has called for a nationwide shutdown on Monday over rising fuel prices and depreciation of the rupee. Targeting the Congress, the chief minister said that the party had failed to play the role of an effective opposition and came out of its shell just before the election. Assembly election in Rajasthan is scheduled for later this year. Reacting on the decision, AICC general secretary and former chief minister Ashok Gehlot said that Raje had to take the decision because of public support the Congress was gaining for Bharat Bandh on Monday. “The chief minister had to reduce VAT on diesel and petrol because of the public support Congress was gaining for Bharat Bandh on Monday. The reduction is not enough and the relief should also be provided on gas cylinder without any further delay,” Gehlot said in a statement. He said that the former Congress government led by him in the state had reduced Rs 25 per cylinder and looking at the prices of today, there should be a cut of at least Rs 100 on the gas cylinder. Matt Milano Authentic Jersey
Qatargas agrees on 22-year LNG supply deal with China
Qatargas said on Monday it had agreed on a 22-year deal with PetroChina International Co, a unit of PetroChina Co, to supply China with around 3.4 million tonnes of liquefied natural gas (LNG) annually, as the nation stepped up efforts to combat air pollution. The Qatari state-owned company will supply LNG from the Qatargas 2 project – a venture between Qatar Petroleum, Exxon Mobil Corp and Total – to receiving terminals across China, with the first cargo to be delivered this month. The deal allows flexibility in delivering LNG to Chinese terminals including those in Dalian, Jiangsu, Tangshan and Shenzhen, using the Qatargas fleet of 70 conventional, Q-Flex and Q-Max vessels, the company said. China requires LNG for its push to replace coal with cleaner burning natural gas, a way to reduce air pollution. After Beijing started the programme last year, China has overtaken South Korea as the world’s second-biggest buyer of LNG. China’s LNG imports may surge 70 percent to 65 million tonnes by 2020, according to consultancy SIA Energy. Last year, China imported a record 38.1 million tonnes, 46 percent more than the previous year. Meanwhile Qatar, the world’s biggest LNG producer, is seeking buyers for a planned expansion of its output. Mike Adams Authentic Jersey