Showing posts with label Value Added Tax. Show all posts
Showing posts with label Value Added Tax. Show all posts

Wednesday, April 1, 2015

CAG raps Odisha government for laxity in revenue collection

"Test check of records of 174 units relating to Odisha Sales Tax/Value Added Tax, Goods and Passengers Tax, Excise Duty... and other non-tax receipts conducted during 2013-14 showed under assessment/short levy/loss of revenue aggregating Rs 4,713.63 crore in 5,10,147 cases," said a CAG report on Revenue Sector tabled in the state Assembly.
  
Departments concerned have accepted under assessment and other deficiencies of Rs 2,379.41 crore involved in 3,98,229 cases, which were pointed out in audit during 2013-14 and collected Rs 4.73 crore in 268 cases pertaining to audit findings of 2013-14 and previous year, it said.
  
Similarly, test check of records of 170 units under Commercial Tax, Excise, Revenue and Disaster Management, Transport and Steel and Mines departments conducted during the year showed irregular expenditure/payment amounting to Rs 20.15 crore in 806 cases, said the CAG report for the year ended March, 2014.
  
During the course of the year, departments concerned accepted irregularities of Rs 16.51 crore involved in 748 cases, which were pointed out in audit in 2013-14 and collected Rs 18.70 lakh in 96 cases pertaining to the previous year, it said.



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Tuesday, November 4, 2014

Allow benefits of fuel price cuts to public: Centre to States

"We have cut down the prices of petrol and diesel by around Rs 5 to Rs 5.50 since Narendra Modi became the Prime Minister. It has a straight impact on inflation, but whether the benefits filter down to the public or not depends on the taxes imposed on petroleum products by the state governments," Pradhan told reporters.
  
"I am going to write to all Chief Ministers to bring uniformity in VAT on petroleum products and keep it under a bandwidth so that benefits of price cuts go down to the public," he said.
  
The Union Minister was in the state to attend the second death anniversary of veteran BJP leader Kailashpati Mishra.
  
Pradhan, who is a Rajya Sabha member from Bihar, said states impose varied taxes on petroleum products to shore up their revenues and it depends on their market wisdom to decide whether they keep taxes lower and sell more, or let the prices remain high and sell less.

Subsidy on Liquefied Petroleum Gas (LPG) would stay and it would be transferred to bank accounts of consumers throughout the country from January 1, 2015, he said.
  
"Right now a subsidy of Rs 426 is being given on cooking gas cylinders. We are launching the scheme of transferring it directly to the bank accounts of consumers in 54 districts of the country from November 15. The system will be made operational across the country from January 1 next year," he said.
  
Pradhan said Saudi Arabia, which supplies 20 per cent of crude oil imports of India, wants to invest in the petroleum sector in the country.
  
"I visited Saudi Arabia recently and witnessed positive sentiments about India. It earlier used to provide only oil to us, but now it is strongly requesting to go beyond buyer-seller relations and invest in our country," he said.
  
The leading oil producing West Asian country would be opening a business development office in India in the coming days, an outcome of the Prime Minister's efforts to check the economic slowdown, as well as, remove indecisiveness in decision making, the Union Minister said.
  
"I have also told Saudi Arabia that there is no need to hold minister-level consultations at a gap of two years. We will now hold the next consultation in early 2015," he said.

 

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