Proposed Revenue Sharing: Under the current tax structure, the Centre and states collect taxes on the two motor fuels in the ratio of 6:4. The GST Mechanism: As per Article 279A (5) of the Constitution, the GST Council shall recommend the date on which GST shall be levied on all excluded products, ie, petroleum crude, high-speed diesel, motor spirit (petrol), natural gas and aviation turbine fuel.The Formula: According to the proposed formula, the Centre would compensate the states for potential revenue losses on account of shifting electricity – which is currently being taxed by the states exclusively – to GST for about six years.Dubai’s 149% growth through the pandemic (March 2020 to date) reflects a market undergoing significant structural change.Recently, NITI Aayog has proposed a formula whereby the two motor fuels (petrol and diesel) and electricity could be brought under the goods and services tax (GST).Zurich (9.4%), Berlin (5.7%) and Singapore (5.5%) complete the top five markets – pointing to the resilience of wealth and, in Berlin’s case, investment hubs. At the top of the table, Dubai’s 44% annual growth remains a substantial outlier, with second place Miami the only other city to reach double digit growth (11%).While two thirds of markets are still seeing positive growth, the large size of price declines in the weakest markets has pulled the overall index negative. Annual prices are now falling in 16 of the 46 markets tracked.This marks a sharp reversal from a peak of 10.1% growth in the fourth quarter of 2021.
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