Macro Economic Assessment of Taxes on Petro Products in India: A Case for Tax Rate Rationalization and Fiscal Consolidation
Journal Title: International Journal of Management, IT and Engineering - Year 2017, Vol 7, Issue 5
Abstract
Tax on Petroleum products is a significant fiscal instrument. Besides being items of revenue receipt for Government exchequer, both at States and at Centre; taxes on petroleum products become cost items to producers. Those taxes add to the selling price of the products which are passed on to the customers on products which are essential item for its users. For every Government in the world, petroleum products are easy objects of taxation, as product in bulk is taxed at supply sources and taxes are paid by the marketers, private and public, who are always limited in number. Petroleum products have well defined supply chain, due to the nature of product being liquid or gaseous and being hazardous; therefore, products follow well structured documents, making tax avoidance not easy. Some of the milestone supply links become easily identifiable points of tax collection (on output) or availing input credit. Being essential items to users, without having substitutes in the short run, the demand for petroleum products are less elastic to price. Therefore, it is easy to revise tax rates, without reverse variation in consumption volume, and that attaches buoyancy to revenue collection.
Authors and Affiliations
Dr. DC Patra
Keywords
Related Articles
- EP ID EP18692
- DOI -
- Views 255
- Downloads 11
slugSecuring Mobile Agent and Reducing Overhead Using Dummy and Monitoring Mobile Agents
A mobile agent is a composition of computer software and data which is able to migrate (move) from one computer to another autonomously and continue its execution on the destination computer. The host computer offers t...
Ready-to-eat Market segmentationwith special reference to Pune,India
India has a large base of young consumers who hardly find time for traditional cooking due to their busy life- styles which further creates significant potential for Ready-to-Eat food products. The fragmented market e...
Determinants of Leverage: A Study on S&P BSE TECK
Every company irrespective of the size strives hard to have optimal capital structure. Capital Structure is a mix of debt and equity capital of the firm. It is also called as financial structure of a firm. It is very...
slugSELECTION OF MIXED SAMPLING PLAN WITH CSP- 3(k=i) PLAN AS ATTRIBUTE PLAN INDEXED THROUGH MAPD AND MAAOQ
In this paper a procedure for the construction and selection of the independent mixed sampling plan using MAPD and MAAOQ as quality standards with Continuous Sampling plan of the type CSP-3(k=i) as attribute plan is pr...
An Analytical Study of Effectiveness of Make in India and FDI on Various Services Sectors in India
India has already marked its presence as one of the fastest growing economies of the world. It has been ranked among the top 10 attractive destinations for inbound investments. Since 1991, the regulatory environment in...