Indian Economy: News and Discussion

Haldilal

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can you tell me how do you decide to buy a crypto i mean how do you know that a particular crypto is gonna rise or fall
Ya'll Nibbiars unlike share share market which is based on real world stats. It's mostly is based on demand and supply's.
 
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another_armchair

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Have you ever tried mining bitcoins? With heavy systems like antminer ?
Haven't dealt in Bitcoin personally.

Had given money to a relative long back who was into Bitcoin. The returns were phenomenal but I could never trust the system so never went back to Bitcoin or crypto after that one off play.
 

SimplyIndian

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Got a few questions.

How many litres is one million tonne based on the data below?

View attachment 116114

1 tonne = 1000 kg

1000 kg of petrol(gasoline) = 1,406.03 liters

View attachment 116116

1000 kg of diesel = 1,129.94 liters (should be rounded off to 1130 but excluding it)

View attachment 116115

Source - https://www.thecalculatorsite.com/conversions/common/liters-to-metric-tons.php

Gasoline/Petrol consumption in the month of June 2021 is 2.12 million tonnes per day.

1 million tonnes = 1000000000 kg

2.12 million tonnes = 2120000000 kg

So 2.12 million tonnes in litres would be 2120000000 * 1.406L = 2980720000 litres/day.

I hope I am correct so far.

Now central tax on petrol is Rs. 33/litre.

So 2980720000 * 33 = 98363760000(Rs) or Rs. 9836.376 crores. (A)

That's Rs. 9836.376 crores on petrol sales of 2.12 million tonnes per day.

If State VAT is calculated at a random average rate of Rs. 20/L, the figure for VAT adds up to

So 2980720000 * 20 = 59614400000(Rs) or Rs. 5961.44 crores. (B)

State wise breakup of VAT on Petrol and Diesel can be found here https://taxguru.in/excise-duty/taxes-levied-petrol-diesel-india.html

So daily collection of Central+State tax on 2.12 million tonnes of petrol/gasoline would add up to A+B = Rs. 15797.816 crores.

These numbers somehow don't add up. Hope someone can chip in.
Lets do it in simple way.

India consumed 194.63 million tonnes of petroleum products in 2020-21 as compared with 214.12 million tonnes demand in the previous year, according to the latest data released by the oil ministry's Petroleum Planning and Analysis Cell (PPAC).

Lets us assume total yearly consumption is 200 million tonne = 200 billion ltr ( assume 1 kg = 1 ltr)

Tax rupee per ltr
= 200 × 33 billion rupee
= 200 ×33 × 100 crore rupee
= 6,60,000 crore rupee

This assumes 100% fuel consumption is taxable which is not the case.

70% of Diesel, 99.6 % of Petrol consumed by Transport Sector. M/s Nielsen submits All India Study Report to PPAC on sale of Diesel and Petrol.

So if we reduce this amount by 20% and assume state govt, central govt department, defense etc consumed 5% more. We effectively get tax on 75% of total consumption.

75% of 6,60,000 crore is ~ 5 lakh crore.

These are estimates on current tax of 33 rupee. If you average this out throughout the year, tax will be in the range of 20 to 35 rupee. Lets take 25 as approximation.

Final estimates are 5 lac crore ×25/33
That is 3.8 lakh crore of central revenue.


 

another_armchair

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Lets do it in simple way.

India consumed 194.63 million tonnes of petroleum products in 2020-21 as compared with 214.12 million tonnes demand in the previous year, according to the latest data released by the oil ministry's Petroleum Planning and Analysis Cell (PPAC).

Lets us assume total yearly consumption is 200 million tonne = 200 billion ltr ( assume 1 kg = 1 ltr)

Tax rupee per ltr
= 200 × 33 billion rupee
= 200 ×33 × 100 crore rupee
= 6,60,000 crore rupee

This assumes 100% fuel consumption is taxable which is not the case.

70% of Diesel, 99.6 % of Petrol consumed by Transport Sector. M/s Nielsen submits All India Study Report to PPAC on sale of Diesel and Petrol.

So if we reduce this amount by 20% and assume state govt, central govt department, defense etc consumed 5% more. We effectively get tax on 75% of total consumption.

75% of 6,60,000 crore is ~ 5 lakh crore.

These are estimates on current tax of 33 rupee. If you average this out throughout the year, tax will be in the range of 20 to 35 rupee. Lets take 25 as approximation.

Final estimates are 5 lac crore ×25/33
That is 3.8 lakh crore of central revenue.


An editorial mess up screwed my calculations.

1635183795617.png


.. from the same article.

1635183828540.png


Had to correlate it with https://www.ppac.gov.in/content/147_1_ConsumptionPetroleum.aspx and figured the sales/consumption numbers quoted belong to an entire month and are not daily fuel sales data.

My bad.
 

Haldilal

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Maaf kar de billa.. but I didn't make fun of you.. just asked how 2.5 billion dollars can become 49k crores.

View attachment 116127
Ya'll Nibbiars Another ambanis property The Anil Ambani property at Pali Hill. Top location. Plan was submitted for a 153 meter building. That was rejected. Now it's less than half the size. Heard different variations on property.

FCjnjQAVQAAk5Ks.jpeg


And here by The Fascist Modi Resgins.

images - 2021-09-26T205452.716.jpeg
 

another_armchair

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Ya'll Nibbiars Another ambanis property The Anil Ambani property at Pali Hill. Top location. Plan was submitted for a 153 meter building. That was rejected. Now it's less than half the size. Heard different variations on property.

View attachment 116129

And here by The Fascist Modi Resgins.

View attachment 116128
He should resign for being pals with a dude who makes ugly as fuck homes.
 

cannonfodder

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Have been off the forums for an while. Can someone give brief summary: if recovery is good/ bad/ moderate?

Many people still complaining about petrol price hike and unemployment.
 

doreamon

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India all set for a boom phase in coming years ...




 
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Sehwag231

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India all set for a boom phase in coming years ...




So expect tool Kit gang to hyperactive. India was recovering very well before Covid 2nd wave destroyed the momentum.
 

Haldilal

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Ya'll Nibbiars The Wipro leases 6.5 lakh sq ft at Mindspace Business Park in Navi Mumbai's Airoli.
 

Haldilal

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Ya'll Nibbiars Mihan project is taking wings and would employ about one lakh youths in the next two to three years, said Union minister Nitin Gadkari on Friday, adding the project would require additional land in the coming years.

And Speaking at a function to ink a pact between JNPT Jawaharlal Nehru Port Trust and NHAI National Highways Authority of India for developing a multi-modal logistics hub MMCL at Sindi dry port in Wardha district.
 

Haldilal

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Ya'll Nibbiars want to see Corporate Greed here an examples.

 
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Kumata

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Have been off the forums for an while. Can someone give brief summary: if recovery is good/ bad/ moderate?

Many people still complaining about petrol price hike and unemployment.
Not sure on recovery but we are in hyper inflation era on ground for sure. Problem is that this will affect the mango man most.

Simple eg - A tray of 25 brown eggs used to be 280 re here and now same tray is 415 Off within a year , tomatos are being sold at 80 re a kg at mother diary outlets ... construction costs which used to be 1300 per Sq yard is not at 50 % up ....Salary's are stagnant for atleast past 6-7 years atleast...

High time that baba take things in control else peacocks will fly ... In era of SM, people do get reminded of fuckery which happened in past 4-5 yrs ...

it does;t help that snakes are coming back strongly....
 

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