Maharashtra, Gujarat cut Value-Added Tax on petrol and diesel

Guj, M'rashtra, HP cut VAT on petrol, diesel

In Maharashtra, petrol and diesel prices are trading near Rs 80 per litre and Rs 61 per litre by end of September 2017- which is at three year high.

"After the Central government's instructions, Gujarat has chose to reduce Value-Added Tax on petrol and diesel by 4 per cent from today midnight", Rupani said at a press meet in Gandhinagar on Monday.

The Central government had earlier instructed the state governments to bring down the taxes to help the consumers.

The move follows the Central government's move to cut excise duty on petrol and diesel by Rs2 last week, the first tax cut on fuel by the current government, to tame rising inflation.

The Uttarakhand government has chose to reduce the value added tax (VAT) on petrol and diesel by 2%, state Finance Minister Prakash Pant said on Wednesday. This effectively means that Indian consumers are paying nearly the same for petrol and diesel when crude was at United States dollars 110/barrel.

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70% of total final retail prices of petrol and diesel are accounted by tax charges. The proposals were drafted during the 22nd meeting of the GST Council in order to reduce cascading effect of taxes on petrol, diesel, jet fuel, natural gas and crude oil, as well as incentivise exploration and production of petroleum and oil and downstream sector.

With this rate cut, the effective price of petrol in Gujarat from midnight of 10 October will be Rs66.53 a litre and that of diesel Rs60.77.

Because of this move, the state government will suffer a loss of Rs 2,316 crore annually.

It is unlikely that the government would want to tinker with the recently implemented GST structure and introduce any slab higher than 28 percent. He added: "The then government fixed its revenue share as a way out". "The increased sale will compensate losses to some extent". Currently, demerit goods attract a cess. "Our demand for reduction in cess on petrol and diesel products by the State government was rejected and we were informed that it is utilised to repay farm loans waiver package announced in June", Daruwala said. The government is trying to find way out by adopting a new industrial policy.

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