INDIA
In another significant step, the state government has raised the bus fares by 23 paise per kilometre
In a major decision to strengthen the financial stability of the state, the Punjab Cabinet led by Chief Minister Bhagwant Mann has given a go-ahead for increasing the VAT on petrol and diesel. This was decided on Thursday, which raised the VAT on petrol by 61 paise per litre and on diesel by 92 paise per litre.
The increase in VAT is one of the measures that the AAP government in Punjab has taken in order to improve the state’s financial situation. Apart from the increase in the VAT, the government has also put into effect the decision of cancelling the Rs 3 per unit electricity subsidy for the consumer with loads up to 7 KW. This step is likely to reduce the subsidy bill by Rs 1,500 crore per annum as the power subsidy was estimated to touch Rs 24,000 crore this fiscal. The subsidy was introduced by the previous Congress administration of the Congress party, headed by Charanjit Singh Channi.
When questioned, State Finance Minister Harpal Singh Cheema defended the VAT increase, saying that it would help the state to collect a significantly higher amount of revenues. Cheema has said that the government anticipates earning Rs 395 crore per annum from diesel sale and Rs 150 crore per annum from petrol sale. This increase in revenue is important in supporting the different development projects and meeting the financial requirements of the state.
In another significant step, the state government has raised the bus fares by 23 paise per kilometre. This is expected to generate an additional Re 150 crore of revenue per annum and thus help the state in its financial management.
Such decisions indicate the government’s efforts in the Punjab province to solve the problems of a financial deficit and to achieve economic stability. The AAP government through the policy change in VAT on fuels, scrapping of power subsidy, and hiking of bus fares intends to improve its cash flow and properly prioritize the use of resources for more development and welfare oriented projects.
Anushka Sharma shares FIRST photo of Akaay, Vamika to celebrate Virat Kohli’s birthday
CAT 2024 admit card to be out today at iimcat.ac.in; know release time, steps to download
Vikas Divyakirti UPSC Tips: Check strategy to crack IAS exam, aspirants should study for...
Video of Pakistani man putting hand into chained tiger's mouth goes viral, social media reacts
Shalini Passi reveals her husband's connection to Shah Rukh Khan's wife Gauri Khan, they were..
SC upholds validity of UP madrassa law, says it does not violate principle of secularism
US Presidential Elections 2024: What time do the polls close; when will the results be known?
Elon Musk shares controversial post on X amid US election results, video goes viral
Mukesh Ambani's company earned Rs 15393 crore last week, his net worth now stands at...
Chhath Puja 2024: Know about Kharna, Sandhya Arghya, Usha Arghya, date, timings and puja vidhi
Virat Kohli Birthday: Legendary batter turns 36, here's a look at his incredible milestones
When Ratan Tata met his first true love after 50 years, went for dinner together, know who she was
Samantha Ruth Prabhu hits back at trolls who body-shamed her: 'If you guys...'
Two fall prey to Narayana Murthy and Mukesh Ambani's deepfake videos, lose Rs 80 lakh: Report
North Korea fires multiple ballistic missiles toward sea ahead of US election
Deepika Padukone romances Hrithik Roshan in Bikini, looks sizzling hot in UNSEEN viral video
Chhath Puja 2024: Top 50 wishes, What'sApp messages, quotes to share with your loved ones
Meet Caroline Emmons, Ratan Tata's 'first love' with whom he couldn't marry due to...
Who is Rohan Jaitley, frontrunner to replace Jay Shah as BCCI secretary?
World’s most expensive human tooth is valued over Rs 3000000, it belonged to…
Viral video: Little girl’s adorable dance to Lisa Haydon’s 'Manali Trance' impresses internet, watch
SC to deliver its verdict on pleas against Allahabad HC order scrapping UP madrasa law today
DNA TV Show: Why Election Commission changed Assembly by-elections' dates
Days after imposing fine on Anil Ambani, Sebi now issues Rs 130 crore demand notices to...
Thailand announces indefinite visa-free entry for Indian travellers
Meet daughter of billionaire, who studied in UK, now works in Rs 32770 crore Indian company as...
MUDA case: Lokayukta police summon Karnataka CM Siddaramaiah for questioning on...
This city is 4000 years old, belongs to bronze age where 500 people lived, it is located in...
Kamala Harris has been the President of US before? Here's when and how
Meet son-in-law of billionaire whose net worth is Rs 38690 crore, he co-founded...
What is elimination inflammation diet that helped Vidya Balan lose weight?
Shah Rukh Khan feels breathless after quitting smoking: Know withdrawal symptoms, how to manage them
Zomato CEO Deepinder Goyal takes action on vendor for mislabelling mushrooms at Hyperpure warehouse
Mukesh Ambani's Reliance shares fell by 3%, loses Rs 50205 crore in one day due to...
IAF's MiG-29 crashes near Agra in Uttar Pradesh, pilot ejects safely, court of inquiry ordered
Driving Growth and Monetization at Zendesk: A Conversation with Darshit Thakkar
Can air pollution make you fat? Know how high AQI impact your health
Locanto Addresses Challenges and Innovations in Indian Education System
Nita Ambani stuns in floral co-ord set while Anant, Mukesh Ambani go casual in Dubai
Indian Railway to launch this 'SUPER APP', passengers can now..., know details here
Who is Rashmi Shukla, IPS officer whom EC removed as Maharashtra DGP?
This village in India allows men to have two wives, living under one roof due to…
AUS vs PAK, 1st ODI: Australia beat Pakistan by 2 wickets to take 1-0 lead in series
Singham Again’s sole aim is to entertain, it’s not Hindutva propaganda
Delhi pollution: 'Why firecracker ban was not implemented during Diwali,' SC asks police, govt
IPL 2025 mega auction likely to be held in Riyadh on these dates
Big update on Reliance Jio IPO as Mukesh Ambani eyes THIS date
EC reschedules UP, Punjab, Kerala bypolls from Nov 13 to...
Coldplay's Chris Martin falls through stage trap door while performing live in Australia
Meet man, who is rising star in Tata Group after Ratan Tata's death, now tasked with...
'Nice handwriting': Internet reacts to Elon Musk's physics homework from his college days