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India.com
42 minutes ago
- Automotive
- India.com
Price of 1 litre petrol without tax is Rs..., dealer commission, and tax rates are...
Price of 1 litre petrol without tax is Rs…, dealer commission, and tax rates are… New Delhi. Petrol and diesel are commodities on which the highest and multiple types of taxes are levied. Petrol and diesel still do not come under GST. The central and state governments levy different taxes on both these fuels: the central government imposes excise duty on petrol and diesel, while the state governments levy VAT. Apart from this, the base price of crude and other charges, including dealer commission, increase the prices of petrol and diesel. Let us tell you the actual price of petrol, which is available at Rs 96.72 per liter in Delhi, and how many types of taxes increase its price. New Delhi: The prices of petrol and diesel are always skyrocketing due to several types of taxes levied on them. Petrol and diesel still do not come under GST, but the central and state governments levy different taxes on both these fuels. The central government imposes excise duty, while state governments levies VAT on both the fuels. Apart from this, the base price of crude and other charges, including dealer commission, increase fuel prices. Have you ever wondered what is the actual price of petrol? Lets find out. How Many Types Of Taxes Are There On Fuel? Prices of petrol and diesel depend on four major components. The first component is the excise duty and VAT tax which is levied by the central and state governments. After the dealer commission and charges are added to the fuel prices. Here is the table where you can see the taxes and other charges levied on petrol in Delhi. State-level variations in Value Added Tax (VAT) rates lead to differing petrol and diesel prices across India. This is why fuel prices are higher in some states than in others. What Is The Actual Price Of Petrol? The dealer price of petrol is Rs 55.66, but after adding all taxes and charges, customers pay Rs 94.72 per litre. So, without these taxes, petrol would cost Rs 55.66 per liter. Interestingly, even Rs 55.66 includes some charges. Crude oil costs Rs 40 per liter. Oil marketing companies add Rs 5.66 per liter for processing and Rs 10 per liter for inflation buffering, resulting in a dealer price of Rs 55.66 per liter.


NDTV
18 hours ago
- Business
- NDTV
Tax-Free Countries: Where Your Income Remains Entirely Yours
For many, the monthly deduction of income tax can feel like a heavy burden. However, a fascinating reality exists in several countries where individuals keep every penny they earn. Unlike nations with progressive tax slabs, like India, where the highest income tax rate can reach up to 39% [The 39% figure likely refers to the effective tax rate for very high earners after including the highest surcharge rate (which can be up to 37% on tax payable for income above Rs 5 crore) and cess (4%)], these "tax-free" countries operate on a fundamentally different financial model. The Gulf's Golden Ticket Leading the charge in the zero-income-tax revolution are the Gulf countries. Nations such as the United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Oman, and Kuwait do not impose any direct tax on personal salaries or income. Their governments instead rely on substantial revenue from their vast oil and gas reserves, a burgeoning tourism sector, and indirect taxes like Value Added Tax (VAT). This unique economic structure allows their populations to enjoy a truly tax-free existence, maximizing their disposable income. UAE: A Magnet for Professionals Among these, the UAE stands out as a prime example. Its economic prowess, fueled by oil and a thriving tourism industry, ensures that residents face no income tax. This has transformed the UAE into a global hub, attracting professionals from across the world who seek lucrative job opportunities combined with the significant advantage of keeping their entire earnings. Beyond the Gulf: Other Tax-Free Sanctuaries The concept of zero income tax isn't exclusive to the Gulf. Smaller, affluent nations across Asia and Europe, including Brunei, Monaco, Nauru, and the Bahamas, also offer this enticing proposition. Brunei's robust oil and gas income, and Nauru and the Bahamas' flourishing tourism sectors, provide sufficient government revenue, eliminating the need for personal income taxation. Sustaining Economies Without Direct Tax The core of these countries' financial strength lies in their abundant natural resources or powerful tourism industries. While they forgo direct income tax, they often implement VAT and other charges to cover public expenses. This distinct approach highlights a diverse global landscape of economic management, offering an interesting alternative for those looking to escape the conventional tax burden.


The Sun
a day ago
- Automotive
- The Sun
Fury after motorists paid more than £20billion in VAT last year just to buy and run cars
MOTORISTS paid more than £20billion in VAT last year just to buy and run cars — making it one of the biggest taxes on driving. Figures show consumer spending on vehicles hit £137billion in 2024, the third highest on record. That generated £22.8billion in VAT for the Treasury, almost matching the £24.6billion raised from fuel duty. But £14.9billion of that fuel duty came from diesel, which is mainly used by haulage firms — not everyday drivers. Meanwhile, tax receipts from Vehicle Excise Duty are around £8billion a year. AA president Edmund King said: 'There's a threat of increased motoring taxation as the Chancellor seeks to balance the books. "But the latest Office for National Statistics consumer spending statistics reveal the hidden tax take from private motorists.' He added: 'The danger of ramping up motoring costs is that it affects individuals and businesses — and ultimately fuels inflation.' His warning came as fears mounted that Chancellor Rachel Reeves is considering a fuel duty hike in her next Budget to cover the cost of reversing welfare cuts. The Sun's Keep It Down campaign has helped freeze fuel duty since 2011 — saving drivers thousands. Reform UK's Richard Tice said: 'These figures show drivers are being clobbered with a stealth tax bill worth billions. 'With VAT raking in more than fuel duty, the idea of hiking it further is a disgrace. Labour must commit to freezing fuel duty — anything else would be a kick in the teeth for working people.' Drivers forced to pay new 'Doomsday' fee every day under July plan - it's already in effect depending on where you park_1 A Treasury spokesman said: 'We extended the fuel duty cut this year, saving drivers £3billion, and we're investing £1.6billion to fix up to seven million extra potholes.' Treasury Minister James Murray refused to comment on Labour's tax plans yesterday. He told Sky News: 'There's lots of speculation about lots of different tax measures, and I'm not going to get into that.' 1


The Guardian
2 days ago
- Business
- The Guardian
Is Pret's mega salad actually mega expensive?
Your article says that it costs £8.14 per portion to prepare a version of a premium salad sold at Pret for £12.95 (Supersize me: recreating Pret's £13 miso salmon super plate at home, 11 July). However, Pret's charge includes 20% VAT. It also covers the cost of refrigeration, premises, the wages (and holidays and pension and national insurance contributions) of the staff who fill and clean the fridges, those who prepared and sold the salad, the accountants and human resources managers behind the scenes, the staff training and Pret's work with homeless people to give them employment and a future. If Pret can do all that with the £4.81 left after making the salad, it should be running the CampbellSwindon Have an opinion on anything you've read in the Guardian today? Please email us your letter and it will be considered for publication in our letters section.


Zawya
4 days ago
- Business
- Zawya
Dhruva explores VAT implications in UAE's emerging tokenised real estate landscape
Dubai, UAE – As Dubai leads the global shift toward blockchain-enabled property, Dhruva, one of the region's leading tax advisory firms, is analysing the Value Added Tax (VAT) implications arising from the launch of the UAE's first tokenised real estate platform. This platform democratizes access to property investment by listing approved high-value real estate assets on the blockchain platform and subdividing them into digital tokens that represent fractional ownership. Dhruva observes that the precise VAT treatment hinges on whether these tokens are characterised as traditional real-estate interests or as 'virtual assets' under UAE law—a distinction that will determine the applicable rates on token issuance, secondary trading and rental income distributions. Vlad Skibunov, Partner at Dhruva Consultants said, 'As the market embraces this innovation, understanding VAT implications is paramount, given the tokens' dual identity as both direct real estate interest and 'virtual assets' under UAE VAT legislation. If characterised as virtual assets, token issuance and secondary trading may follow VAT rules for financial services —potentially qualifying for exemption or zero-rating—whereas classification as traditional property interests would subject commercial assets to 5 percent VAT and exempt residential units. Rental income distributions and platform fees must likewise be analysed to determine whether they fall within real estate or financial transaction scopes. 'We are pleased to witness blockchain unlocking new opportunities in real estate investment. However, the complexity of VAT treatment for tokenised structures demands sophisticated analysis. Buyers and developers must factor VAT liabilities into their arrangements from the outset to avoid unexpected costs and ensure compliance. Dhruva is committed to providing actionable guidance on VAT classification and compliance for tokenised real estate. By closely analysing contractual frameworks and engaging proactively with the Federal Tax Authority, we support market participants in effectively incorporating VAT considerations when investing in this emerging digital investment model,' added Vlad. Dhruva advises organizations on navigating complex compliance landscapes and delivering clarity in innovative transaction structures. A homegrown brand with a global outlook, Dhruva serves clients across diverse sectors, including oil & gas, healthcare, retail, construction, technology, artificial intelligence, and crypto. The firm is known for offering tailored tax strategies that address industry-specific challenges while identifying new opportunities for sustainable growth. 'As UAE businesses continue to innovate and adopt emerging technologies, it is essential that market participants approach evolving investment structures with care. Clear guidance and proactive engagement will be essential to ensure compliance and unlock the full potential of tokenised real estate in the UAE,' concluded Vlad. About Dhruva Consultants Dhruva Consultants is a leading tax advisory firm specializing in VAT, corporate tax, transfer pricing, and international taxation in the Middle East. With a strong track record in advising some of the largest real estate players in the UAE, Dhruva Consultants combines deep industry expertise with practical solutions, ensuring clients not only achieve compliance but also optimize their tax strategies for long-term success.