Business
Bharat Petroleum, HMEL turn to Venezuelan crude as India reduces Russian oil purchases: Report – The Times of India
India’s state-owned Bharat Petroleum Corp (BPCL) and private refiner HPCL Mittal Energy Ltd (HMEL) have each bought one million barrels of Venezuelan Merey crude oil, marking BPCL’s first-ever purchase and HMEL’s first in two years, according to Reuters sources on Wednesday. The deals, arranged through trader Vitol, will increase India’s Venezuelan oil imports to at least 6 million barrels through April.The two companies plan to load the heavy crude oil onto a single large vessel to cut shipping costs. BPCL will split its share between its Kochi refinery in Kerala and Bina refinery in Gujarat, while HMEL will process its portion at its Bathinda refinery in northern India through Mundra port.This comes as Indian refiners are turning to Venezuelan oil as they reduce Russian imports, a strategic move that helped India secure a temporary trade agreement with the United States, according to Reuters. HMEL stopped buying Russian oil in October, though India hasn’t officially announced an end to Russian oil imports.Other Indian companies like Reliance Industries, Indian Oil Corp, and HPCL have previously purchased Venezuelan crude at prices $6.5-$7 below the Dubai crude benchmark. Trading companies Vitol and Trafigura have been handling Venezuelan oil sales since January under US licenses, part of an agreement between Venezuela and Washington.Venezuelan oil exports to the United States are also expected to grow in April. US refiner Valero Energy plans to receive up to 6.5 million barrels in March, while Chevron is rapidly increasing its shipments. Other U.S. refiners are also seeking direct purchases from Venezuela.Neither BPCL and HMEL have officially made a statement on the said deals.
New Delhi: Property tax, commonly referred to as house tax, is a levy imposed by municipal authorities on real estate properties. It is typically collected once a year, though some civic bodies allow payments in semi-annual or quarterly instalments. The tax is paid by property owners within a municipality’s jurisdiction and is calculated on an ad-valorem basis. This means the amount increases with the value of the property.
Why Property Tax Matters
Property tax collections form a major source of revenue for most local governments. The funds are typically used to maintain and upgrade civic amenities such as roads, parks, sewage systems, street lighting, and other essential public infrastructure, as per Investopedia.
Breaking Down the Property Tax Calculation
The way property tax is calculated can differ from one municipality to another, as it depends on local rules. Still, many civic bodies follow a similar structure. According to Ujjivan Small Finance Bank, a widely used formula is:
Property Tax = (Base Value × Built-Up Area × Age Factor × Building Type × Usage Category) − Depreciation
Here’s what each component means:
Base value: The cost per square foot of properties in a specific area.
Built-up area: Includes the carpet area along with walls and other usable parts of the property.
Age factor: Considers how old the building is; newer properties usually attract higher tax.
Building type: Whether the property is residential, commercial, or industrial.
Usage category: Indicates if the property is self-occupied, rented, or vacant.
Depreciation: A deduction based on the age and condition of the property.
Together, these factors determine the final property tax amount payable to the local authority.
Penalty for Late Property Tax Payment
Paying property tax on time is important to avoid extra charges. Delayed payments can attract interest penalties, which typically range between 5% and 20%, depending on the rules set by the state or municipal authority, according to Ujjivan Small Finance Bank. These additional charges are applied over and above the original property tax amount, increasing the overall payment burden for property owners.
Apps that allow people to buy and sell used or “pre-loved” garments and footwear have grown in use in recent years as young consumers seek sustainable, low-cost alternatives to traditional retailers, which means increased competition for the likes of Depop.
Gold has always been a favourite investment in India, but the way it is taxed depends on the form in which you hold it. Whether it’s jewellery, ETFs, Sovereign Gold Bonds, or inherited family gold, each option carries its own tax implications. Understanding these differences can help you make smarter choices.
When you buy physical gold, whether jewellery, coins, or bars, you pay 3% GST on the gold itself and an additional 5% GST on making charges for jewellery. On selling, if you dispose of it within 24 months, the gains are treated as short-term capital gains and taxed at your income slab rate. If held for more than two years, the gains qualify as long-term capital gains and are taxed at 12.5% without indexation. This makes physical gold the most tax-heavy option, especially because of the upfront GST and making charges.
Gold ETFs are more tax-efficient at entry since there is no GST involved. However, taxation applies at the time of sale. If you sell within 36 months, the gains are treated as short-term and taxed at your slab rate. If held for 36 months or longer, they are taxed as long-term capital gains at 12.5% without indexation. ETFs thus avoid the initial GST burden but still attract capital gains tax.
Sovereign Gold Bonds (SGBs) stand out as the most tax-friendly option if held till maturity. There is no GST at purchase, and while the 2.5% annual interest is taxable at your slab rate, the capital gains on redemption after the full 8-year tenure are completely tax-free. If sold before maturity, however, the gains are taxed as capital gains depending on the holding period. For long-term investors, SGBs are clearly the most efficient choice.
Finally, inherited gold carries no tax liability at the time of inheritance. Tax applies only when you sell it, and the holding period of the original owner is counted to determine whether the gains are short-term or long-term. This makes inherited gold relatively tax-light, as you don’t pay anything until you decide to sell.
Seasonally-adjusted exports in Italy up 0.3% MoM, 4.9% YoY in Dec 2025
All about property tax: How it works, how to calculate, and penalties
If You’re Building a Home Gym, Start With Dumbbells and a Yoga Mat
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