Real McCoy Posted October 8, 2021 Share Posted October 8, 2021 2 hours ago, rkt.india said: In 100 rs petrol, 60 rs is tax. It's more than the price of petrol. make that 69 rs. Indians pay the highest tax on fuel in the world https://energy.economictimes.indiatimes.com/news/oil-and-gas/india-now-has-the-highest-taxes-on-fuel-in-the-world/75590141 nevada, Under_Score, speedheat and 1 other 4 Link to comment Share on other sites More sharing options...
Singh bling Posted October 10, 2021 Share Posted October 10, 2021 Fuel Prices At All-Time High. Petrol Crosses Rs 104-Mark In Delhi, Goes Past Rs 110-Mark In Mumbai speedheat, Real McCoy, Lone Wolf and 1 other 2 2 Link to comment Share on other sites More sharing options...
Nonbeliever Posted October 11, 2021 Share Posted October 11, 2021 Living in city, where petrol prices are highest in india... it's 116 plus today. nevada and Under_Score 2 Link to comment Share on other sites More sharing options...
rkt.india Posted October 11, 2021 Share Posted October 11, 2021 Crude oil prices are very high right now. Brent crude 82$. WTI 79$ Link to comment Share on other sites More sharing options...
Real McCoy Posted October 11, 2021 Share Posted October 11, 2021 22 hours ago, Singh bling said: Fuel Prices At All-Time High. Petrol Crosses Rs 104-Mark In Delhi, Goes Past Rs 110-Mark In Mumbai when fuel prices go up, everything goes up. economy in shaky waters but prices keep rising Under_Score and speedheat 1 1 Link to comment Share on other sites More sharing options...
ravishingravi Posted October 12, 2021 Share Posted October 12, 2021 Often this govt gets credit for false master strokes. This one has been a master stroke. Not only serving as disincentive to vehicle usage but also understanding the segment who bear the petrol expenses. For most of this segment, the demand is in elastic and it’s only way to mange fiscal deficit with growth centric budget and infrastructure spending that govt intends to do. Something more remarkable has happened in the process. Demand for diesel has come down remarkably opening possibilities of clean energy transition. Indian will be hub of EV market in days to come. Mariyam, speedheat and ash 1 2 Link to comment Share on other sites More sharing options...
speedheat Posted October 13, 2021 Share Posted October 13, 2021 Link to comment Share on other sites More sharing options...
ash Posted October 13, 2021 Share Posted October 13, 2021 TIL, petrol price is increased to move people towards EV. Masterstroke. Maybe cylinder price is increased to reduce Diabetes and promote healthy eating. Why do people need to cook when they can eat raw fruits and vegetables? Indian will be a hub for Keto diet recipes and salad recipes. Masterstroke. speedheat, Mariyam, Singh bling and 1 other 4 Link to comment Share on other sites More sharing options...
Singh bling Posted October 13, 2021 Share Posted October 13, 2021 1 hour ago, ash said: TIL, petrol price is increased to move people towards EV. Masterstroke. But there is already danger of electricity shortage Link to comment Share on other sites More sharing options...
ravishingravi Posted October 13, 2021 Share Posted October 13, 2021 1 hour ago, ash said: TIL, petrol price is increased to move people towards EV. Masterstroke. Maybe cylinder price is increased to reduce Diabetes and promote healthy eating. Why do people need to cook when they can eat raw fruits and vegetables? Indian will be a hub for Keto diet recipes and salad recipes. Masterstroke. Let’s play a game. And all the commies feel free to participate. Let’s say if govt removes all taxes on petrol, what’s the implication ? Link to comment Share on other sites More sharing options...
ash Posted October 13, 2021 Share Posted October 13, 2021 32 minutes ago, Singh bling said: But there is already danger of electricity shortage Eventually the idea is to make people walk, abandoning all cars. Hub for healthy lifestyle and clean air. Link to comment Share on other sites More sharing options...
ash Posted October 13, 2021 Share Posted October 13, 2021 31 minutes ago, ravishingravi said: Let’s play a game. And all the commies feel free to participate. Let’s say if govt removes all taxes on petrol, what’s the implication ? Yes, please assume that everyone who criticizes the government are all "commies" and wants a communist govt with no tax. Who said anything about removing "all taxes"? Lord 1 Link to comment Share on other sites More sharing options...
ravishingravi Posted October 13, 2021 Share Posted October 13, 2021 9 minutes ago, ash said: Yes, please assume that everyone who criticizes the government are all "commies" and wants a communist govt with no tax. Who said anything about removing "all taxes"? I am not saying you. I am saying there could be someone who is a commie and feels shy and wants to comment. So, they can feel free to. So, here is the game. Taxes on petrol is by state and centre. So, we are asking that we should reduce prices by reducing taxes ? What are the implications here ? Link to comment Share on other sites More sharing options...
coffee_rules Posted October 13, 2021 Share Posted October 13, 2021 16 minutes ago, ravishingravi said: I am not saying you. I am saying there could be someone who is a commie and feels shy and wants to comment. So, they can feel free to. So, here is the game. Taxes on petrol is by state and centre. So, we are asking that we should reduce prices by reducing taxes ? What are the implications here ? This is in Tamil, but @ash has no problems understanding Link to comment Share on other sites More sharing options...
ravishingravi Posted October 13, 2021 Share Posted October 13, 2021 (edited) Scenario reduce taxes to reduce prices :- 1) Reduce taxes, reduce petrol prices, increase demand 2) India being second highest importer of oil, increase imports 3) Double whammy on fiscal deficit where on one hand you lose the tax revenue to fund the govt spending and on another hand you increase imports 4) To fund the increasing fiscal deficit, borrow more money through sovereign bonds which has to be at higher interest 5) RBI pushed to increase monetary rate in commensurate with sovereign bond rates since fiscal situation is deteriorating 6) Leading to an increase in cost of all loans ( car, housing, corporate ), leading to fall in demand and lower IIP and GDP So, solution is reduce taxes, double fiscal deficit, increase interest rates, reduce demand, reduce production, increased prices, lower consumption and celebrate lower petrol prices. Or the other option, which govt has chosen. We push for growth, fund our spending through indirect taxes on inelastic products on the segment which can afford to pay. Manage fiscal, create employment opportunities and manage interest rates. The risk here is of inflation which government has managed so far. Lets no forget in 2013, with UPA govt subsidizing petrol, inflation touched 11% Bad ideas have their way of coming back. Edited October 13, 2021 by ravishingravi Link to comment Share on other sites More sharing options...
ash Posted October 13, 2021 Share Posted October 13, 2021 1 hour ago, coffee_rules said: This is in Tamil, but @ash has no problems understanding Passing the burden to the states. Typical. Simple question - Which is charged more now, VAT or excise? Is it logical to ask states to reduce their rate first when the excise is almost 10 rs more than VAT in many states. Petrol under GST is a scare tactic used by center whenever the states wants them to reduce excise. GST on the petrol even on 28 percent slab is a loss. This is again diversion tactics from the center to put the blame on states. They very well know that states won't agree for the revenue loss. P.S - Bright future in TN Politics guy lost all local body elections for BJP yesterday with one bjp endorsed independent candidate getting 1 vote. Just 1 vote Link to comment Share on other sites More sharing options...
ash Posted October 13, 2021 Share Posted October 13, 2021 32 minutes ago, ravishingravi said: Scenario reduce taxes to reduce prices :- 1) Reduce taxes, reduce petrol prices, increase demand 2) India being second highest importer of oil, increase imports 3) Double whammy on fiscal deficit where on one hand you lose the tax revenue to fund the govt spending and on another hand you increase imports 4) To fund the increasing fiscal deficit, borrow more money through sovereign bonds which has to be at higher interest 5) RBI pushed to increase monetary rate in commensurate with sovereign bond rates since fiscal situation is deteriorating 6) Leading to an increase in cost of all loans ( car, housing, corporate ), leading to fall in demand and lower IIP and GDP So, solution is reduce taxes, double fiscal deficit, increase interest rates, reduce demand, reduce production, increased prices, lower consumption and celebrate lower petrol prices. Or the other option, which govt has chosen. We push for growth, fund our spending through indirect taxes on inelastic products on the segment which can afford to pay. Manage fiscal, create employment opportunities and manage interest rates. The risk here is of inflation which government has managed so far. Lets no forget in 2013, with UPA govt subsidizing petrol, inflation touched 11% Bad ideas have their way of coming back. https://www.google.com/amp/s/theprint.in/ilanomics/why-modi-govt-must-stop-depending-on-petrol-diesel-taxes-to-bridge-its-fiscal-deficit/611956/%3famp Link to comment Share on other sites More sharing options...
ravishingravi Posted October 13, 2021 Share Posted October 13, 2021 10 minutes ago, ash said: https://www.google.com/amp/s/theprint.in/ilanomics/why-modi-govt-must-stop-depending-on-petrol-diesel-taxes-to-bridge-its-fiscal-deficit/611956/%3famp Yes, there is google for those who can't think for themselves. But at least provide latest article. This is dated in Feb and 8 months have passed by and none of the fears have materialized. coffee_rules 1 Link to comment Share on other sites More sharing options...
coffee_rules Posted October 13, 2021 Share Posted October 13, 2021 4 hours ago, ash said: Passing the burden to the states. Typical. Simple question - Which is charged more now, VAT or excise? Is it logical to ask states to reduce their rate first when the excise is almost 10 rs more than VAT in many states. Some states have reduced taxes and their petrol prices is not high as others who are doing rona dhona (cry baby for you) 4 hours ago, ash said: Petrol under GST is a scare tactic used by center whenever the states wants them to reduce excise. GST on the petrol even on 28 percent slab is a loss. This is again diversion tactics from the center to put the blame on states. They very well know that states won't agree for the revenue loss. But slab will not stay the same , it fluctuates based on economic activity. It is a valid argument. Short term loss can be sustained for long term gains. But Oh! It is that BJP guy, throw stones at him. Saala Sanghi! 4 hours ago, ash said: P.S - Bright future in TN Politics guy lost all local body elections for BJP yesterday with one bjp endorsed independent candidate getting 1 vote. Just 1 vote So what? That doesn't make his argument any lesser. Link to comment Share on other sites More sharing options...
ash Posted October 13, 2021 Share Posted October 13, 2021 8 minutes ago, coffee_rules said: Some states have reduced taxes and their petrol prices is not high as others who are doing rona dhona (cry baby for you) But slab will not stay the same , it fluctuates based on economic activity. It is a valid argument. Short term loss can be sustained for long term gains. But Oh! It is that BJP guy, throw stones at him. Saala Sanghi! So what? That doesn't make his argument any lesser. I know some states have reduced, even TN is one among them. But point is excise is much more than VAT so if someone has to reduce it should be the center. There is no info if there will be a seperate slab for Petrol. For now even the highest slab leads to huge revenue loss for the state. By long term gains, do you mean increase in demand with reduction in price? If that is the goal, why not reduce excise now. Same logic, short term loss long term gain. Link to comment Share on other sites More sharing options...
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