-Livemint.com * Central and state Taxes make up for 60% of the retail selling price of petrol and over 54% of diesel * On 20 February, petrol price was hiked by record 39 paise per litre and diesel by 37 paise a litre Reserve Bank of India governor Shaktikanta Das called for reduced indirect Taxes on petrol and diesel to contain the fuel prices at a reasonable level. Petrol and diesel prices in...

-The Indian Express Fuel prices vary from state to state and Taxes are levied on them by both central as well as the state governments. So, why are the prices of petrol and diesel rising in India? Take a look The retail price of regular petrol hit a three-figure mark for the first time across the country after it was hiked by 26 paise to Rs 100.13 a litre in Rajasthan’s Sri...

-Hindustan Times The chairman of the 15th Finance Commission, NK Singh, spoke to Zia Haq about the final report of the Commission for 2021-26 which has now been made public. Edited excerpts. The Constitution, through Article 280 to 281, provides for finance commissions every five years as a mechanism for sharing of Taxes and revenues vertically between the Centre and states; and horizontally among all states, based on levels of development, demographic...

-The New Indian Express Which means sometime last year, when crude was averaging $25 a barrel, petrol should have sold for Rs 50 a litre. Nearly two-and-a-half years ago, when global crude oil prices were around $75 a barrel, petrol was selling at Indian pumps for Rs 75 a litre. Today, when crude oil prices have fallen to $52 a barrel, petrol prices have hit an all-time high of Rs 86 or...

-NetworkIdeas.org India’s Constitution puts the bulk of responsibility for the basic goods and services to be provided to citizens on to state governments. That is also why it mandated that independent Finance Commissions be appointed every five years to determine the distribution of tax revenues between Centre and the various states. Successive Finance Commissions (FCs) have also recognised that state governments necessarily require more resources to fulfil their obligations, which is...