Connect with us
Tuesday,19-May-2026
Breaking News

Business

Businesses allowed to encash tax credits for improving liquidity

Published

on

Tax.

In order to improve liquidity of businesses, the Central Board of Indirect Taxes and Customs (CBIC) has decided to allow full transfer of cash balances in electronic ledgers to taxpayers after they has paid their tax dues.

In a circular, the CBIC has said that the amount deducted/collected as TDS/TCS by deductors under the provisions of section 51/52 of the CGST Act and credited to the electronic cash ledger of the taxpayer, is equivalent to cash deposited in the electronic cash ledger.

Thus, it is not mandatory for taxpayers to utilise the TDS/TCS amount credited to his electronic cash ledger only for the purpose for discharging tax liability.

The board said that a GST registered person is at full liberty to discharge his tax liability in respect of the supplies made by him during a tax period, either through debit in electronic credit ledger or through debit in electronic cash ledger, as per his choice and availability of balance in the said ledgers.

The circular added that any amount, which remains unutilised in electronic cash ledger, after discharge of tax dues and other dues payable under CGST Act can be refunded to the registered person as excess balance.

Thus, the money refunded to taxpayers would not be blocked for use only in discharging future and other tax liabilities but can be used for furthering the business.

The clarification of the board is expected to provide big relief to businesses as it would unlock a lot of funds for them for use in furthering business objectives. Earlier, refund money got blocked in the electronic cash ledgers of taxpayers that could only be used for settling tax dues.

Business

Petrol Crosses ₹107 In Mumbai After Second Fuel Price Hike In A Week Amid Iran Conflict; Diesel Rises To ₹94

Published

on

Mumbai: Residents of Mumbai are facing another increase in fuel prices after oil marketing companies on Tuesday raised petrol and diesel rates for the second time within a week amid rising global crude oil prices linked to the ongoing Iran conflict. With the latest revision, petrol prices in Mumbai have climbed by 91 paise to Rs 107.59 per litre, while diesel has become costlier by 94 paise and is now retailing at Rs 94.08 per litre.

The latest increase comes just three days after fuel prices were raised by Rs 3 per litre on Friday, majorly increasing transportation and commuting costs for Mumbaikars already dealing with inflationary pressure. The fresh hike is largely driven by the sharp surge in international crude oil prices due to tensions in West Asia, particularly disruptions linked to the conflict involving Iran.

According to data released by the Petroleum Planning and Analysis Cell under the Petroleum Ministry, the average price of India’s crude oil basket has jumped from USD 69.01 per barrel in February 2026 to USD 110.73 per barrel as of May 15, an increase of over 60 per cent in less than three months.

The situation has been worsened by disruptions in cargo movement through the Strait of Hormuz, through which a major share of India’s crude oil imports traditionally passes. India imports more than 85 per cent of its crude oil requirements, making domestic fuel prices highly sensitive to global market fluctuations.

Mumbai, being one of the country’s largest metropolitan and commercial hubs, is likely to feel the impact more sharply due to its heavy dependence on road transport, logistics and daily commuting.

Taxi operators, app-based cab drivers and transporters have already started expressing concern over the rising operational costs. The repeated hikes are also expected to affect prices of essential goods and services, as transportation expenses rise across the supply chain.

Another factor contributing to the price rise is the weakening of the Indian rupee against the US dollar. With the rupee reportedly touching around 96 against the dollar, oil imports have become more expensive for Indian refiners and oil companies.

Despite the earlier Rs 3 increase, oil marketing companies were reportedly still facing losses after maintaining older fuel rates for nearly 10 weeks amid continuously rising global crude prices. It is also speculated that if geopolitical tensions in West Asia continue or escalate further, Mumbai and other major Indian cities could witness additional fuel price increases in the coming weeks.

Continue Reading

Business

Panic Buying In Palghar Amid Fuel Shortage Rumours: Long Queue Seen At Petrol Pump Along Mumbai-Ahmedabad Highway

Published

on

Palghar: Long queues of vehicles, especially two-wheelers, were seen at petrol pumps along the Mumbai-Ahmedabad National Highway amid rumours of a fuel shortage. The motorists claimed that they were waiting for more than an hour to refill their vehicles.

the scenes were captured at the Asian Petrol Pump in Charoti, where long queues of vehicles stretched outside the fuel station as residents feared limited fuel availability. Not just this, the report also claimed that several petrol pumps across Palghar district reportedly witnessed similar crowds, with panic buying increasing after rumours of fuel supply disruptions.

Meanwhile, the alleged rumours triggered people amid Prime Minister Narendra Modi’s recent appeal to citizens to reduce fuel consumption and adopt sustainable practices to help the country manage global economic disruptions.

Earlier on May 15, a similar scene was witnessed along the Maharashtra-Gujarat border, where long queues of vehicles were seen at several petrol pumps, as people rushed to fill petrol and diesel before the revised fuel rates came into effect. Visuals showed all kinds of vehicles, including trucks, cars, motorcycles and other commercial vehicles, lined up outside fuel stations, leading to heavy rush and congestion near the pumps.

Meanwhile, a similar incident was reported in Akola, where a scuffle broke out among farmers at a petrol pump over alleged fuel unavailability. Visuals showed several men fighting while standing in a crowded queue at the fuel station.

On May 10, PM Modi appealed to people to increasingly use public transport systems, including metro services, and adopt environmentally responsible practices to reduce pressure on fuel consumption and foreign exchange outflows.

Continue Reading

Business

Maharashtra seeks FIRs against Ola, Uber, Rapido over alleged illegal bike taxi operations

Published

on

New Delhi, May 16: Maharashtra Transport Minister Pratap Sarnaik has directed the Cyber Crime department to lodge FIRs against Ola, Uber and Rapido over alleged illegal bike taxi operations in the state.

The minister further clarified that app-based mobility platforms Ola, Uber and Rapido continue to operate in the state as we sought legal action against their alleged unauthorised bike taxi services.

The clarification came after reports circulated on social media claiming that the services of Ola, Uber and Rapido had been completely shut down in Maharashtra.

In a post on X, the Directorate General of Information and Public Relations (DGIPR), Maharashtra, said such reports were misleading and stated that the government’s action is limited only to illegal bike taxi operations.

“The claim circulating on social media that all services of Ola, Uber, and Rapido have been completely shut down in Maharashtra is misleading,” it said.

“The transport department has taken a strict stance against unauthorised bike taxi services operating illegally in the state,” DGIPR added.

According to the state government, Sarnaik has written to the Cyber Crime department requesting immediate action against unauthorised bike taxi app services operating through the three platforms.

The minister also asked the department to file FIRs against the companies over the alleged operations.

“Transport Minister Sarnaik has written to the cyber-crime department demanding the immediate shutdown of unauthorised bike taxi app services like Ola, Uber and Rapido and the filing of FIRs against the respective company owners,” it stated.

“At the same time, the Transport Commissioner has also sent a letter to the Cyber Crime department in this regard,” it added.

However, there is no official comment on the development from the companies yet.

Bike taxi services have repeatedly faced regulatory challenges in Maharashtra over concerns related to legality, licensing norms and compliance with transport regulations.

App-based mobility operators offering two-wheeler taxi services have also encountered policy-related hurdles in the state in the past, as authorities continue to examine the framework governing such operations.

Continue Reading

Trending