Economy

Chhattisgarh govt refuses to reduce Value-Added Tax on fuel despite centre's directive

Chhattisgarh govt refuses to reduce Value-Added Tax on fuel despite centre's directive”

After the new prices come into effect from midnight tonight, petrol and diesel are expected to cost around Rs 75.5 and Rs 59.5 in Mumbai.

Petrol prices slashed by INR 2 and diesel by INR 1 will be effective from midnight on Tuesday according to cabinet minister of finance Sudhir Mungantiwar.

Mr Rupani said Gujarat has become the first state to respond to the Centre's appeal to cut taxes on petrol and diesel.

Last week, it reduced excise duty on petrol to Rs 19.48 per litre from Rs 21.48 per litre and on diesel to Rs 15.33 a litre from Rs 17.33 previously.

"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 told IANS. However, there lacks consensus among state governments in this regard. Andhra Pradesh has 38.82% Value-Added Tax on petrol while BJP- governed Madhya Pradesh levies 38.79% Value-Added Tax on the fuel.

Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed Value-Added Tax prices on petrol and diesel. As a result of which petrol prices were cut by Rs 2.5 per litre and diesel by Rs 2.25. The reports also suggest that the current rate cut will cost the state exchequer almost Rs 2,600 crore.

The Centre had last week slashed excise duty on petrol and diesel by Rs 2 per litre.

Earlier, due to the increase in the worldwide prices of petrol and diesel during the last few weeks, the retail selling prices of petrol and diesel in Delhi had risen to Rs.70.83 a litre and Rs.59.07 per litre, respectively, as on October 2.

70% of total final retail prices of petrol and diesel are accounted by tax charges. "Now it is up to state governments if they are concerned with the issue (to cut sales tax or VAT)", Jaitley said. "The amount remaining with the Centre is used to finance centrally sponsored schemes in states", he had said.



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