New Delhi: Jet fuel price was cut by a record 14.7 percent on the back of decline in international rates, making it cheaper than both petrol and diesel.
The price of Aviation Turbine Fuel (ATF) — used to power airplanes — was slashed by Rs 9,990 per kilolitre, or 14.7 percent, to Rs 58,060.97 per kl, according to price notification issued by state-owned oil firms.
This is the second straight monthly reduction in rates and the biggest single cut ever. Prices were slashed by Rs 8,327.83 per kl, or 10.9 percent, on December 1.
The two consecutive price reduction has brought ATF rates to their lowest levels in a year and will provide much-needed relief to cash-strapped airlines.
Rates are now cheaper than both petrol and diesel in most parts of the country and it is less expensive than even non-PDS kerosene in cities like Mumbai.
A litre of petrol, used in motorcycles and cars, costs Rs 68.65 in Delhi as compared to Rs 58,060.97 per kl or Rs 58.06 per litre price for ATF. A litre of diesel, which is mostly used as fuel in trucks and buses, comes for Rs 62.66.
ATF costs just a shade higher than the price charged for kerosene sold through non-PDS (public distribution system) outlets in Delhi. Non-PDS in Delhi is priced at Rs 56.59 per litre.
ATF in Mumbai, home to one of the busiest airport in the country, costs Rs 58,017.33 per kl or Rs 58.01 per litre. A litre of petrol in the city costs Rs 74.30 and diesel is priced at Rs 65.56 per litre. It costs less than even non-PDS kerosene in the city which is sold at Rs 59.53 a litre.
Rates vary from city to city depending on local taxes.
Continuing its downward march, petrol price Tuesday was cut by 19 paise a litre and diesel rates were reduced by 20 paise.
Petrol now costs Rs 68.65 a litre in Delhi and diesel is priced at Rs 62.66.
Rates have been on the decline since October 18 and cumulatively prices have been cut by Rs 14.18 per litre in case of petrol and Rs 13.03 a litre for diesel.
State-owned fuel retailers revise rates of ATF on 1st of every month based on average international oil rate and rupee-US dollar exchange rate in the preceding month.
Petrol and diesel prices are revised on a daily basis.
Income Tax return processing time to reduce from 63 days to just 1 day
Mumbai:The Union Cabinet approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch.
“Earlier, taxpayers would face troubles because of delay in refund processing and the CBDT used to spend a lot of money every year as interest on pending refunds, which will be history now,” Union minister Piyush Goyal told reporters after the Cabinet meeting here.
Last month, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra had said a simplified return form and process would be put in place soon in which the department would process the self-declaration made by the taxpayer. The new Rs 4,241-crore project will incorporate these changes.
“This is a laudable initiative and will go a long way to ease tax compliance, and enhanced experience for taxpayers. However, the real success of this will be measured when it brings ease to a common man and is accompanied by changes in the culture of the tax authorities at the operational level,” said Neeru Ahuja, partner, Deloitte India.
Currently, the e-filing portal and the CPC work separately. While e-filing is being managed by Tata Consultancy Services (TCS), the CPC is run by Infosys.
In the bids invited by the government, Infosys emerged as the lowest bidder and it would develop the ITR-CPC 2.0 project in 18 months from now, Goyal said.
Under the new system, Infosys will handle end-to-end solution — from e-filing to return assessment to refund processing. The CBDT and Infosys would work in a revenue-sharing model, sources in the know said.
Goyal said ramping up scrutiny was not the mandate of the new portal. Currently, about 0.3 per cent of the I-T returns are scrutinised, he said. The system intends to resolve taxpayer grievances as well as tax demands from the CBDT faster and equitably, he said.
“The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule driven, identity blind manner. This will assure fairness in tax treatment to every taxpayer irrespective of their status,” a government release said.
But even under the new ecosystem, only those applications which are clean would have the chance of getting processed in a day, sources said.
About 23 crore I-T returns have been processed, along with Rs 2.62 trillion worth of refunds, till September 2018 cumulatively. Of this, refunds worth Rs 1.83 trillion have been processed in 2018-19, said Goyal.
Lenders considering resolution plan for Jet Airways: SBI
Mumbai: State Bank of India (SBI) on Thursday said lenders are considering a resolution plan for Jet Airways to ensure long-term viability of the debt-laden company.
The SBI statement comes a day after the crisis-hit airline said discussions were “progressing well” with stakeholders on a comprehensive resolution plan that also contemplates equity infusion and consequent changes in its board of directors.
There are rising concerns over financial health of Jet Airways, whose shares have also taken a beating at stock exchanges.
“We would like to state that lenders are considering a restructuring plan under the RBI framework for resolution of stressed assets that would ensure a long-term viability of the company,” SBI said in a statement.
It said the restructuring plan for the cash-strapped airline would need approval from boards of lenders.
“Any such plan would be subject to approval of boards of the lenders and subject to adherence and clearance, if required, from the RBI and/or Sebi (takeover code, ICDR regulations.) and Ministry of Civil Aviation and in compliance with all regulatory prescriptions,” the statement said.
Shares of the airline are trading 4.24 per cent lower at Rs 259.50 apiece on BSE.
NGT slams Volkswagen for not depositing Rs 100 crore as per its 2018 order
New Delhi: The National Green Tribunal (NGT) slammed German auto major Volkswagen for not depositing Rs 100 crore in accordance with its November 16, 2018 order and directed it to submit the amount within 24 hours.
A bench headed by NGT chairperson Adarsh Kumar Goel took strong exception to the non-compliance of its order by the automobile giant and asked it to give an undertaking that it will submit the amount by 5 PM Friday.
“Why have you not complied with our order when there is no stay. We will not give you any further time,” the bench, also comprising Justice S P Wangdi, said while asking Volkswagen to submit an affidavit of compliance after deposit.
The tribunal deferred the matter for hearing after it was informed that the Supreme Court is also seized of the issue.
On November 16 last year, the tribunal had said that the use of ”cheat device” by Volkswagen in diesel cars in India leads to inference of environmental damage and had asked the German auto major to deposit an interim amount of Rs 100 crore with the Central Pollution Control Board (CPCB).