Culture

Maharashtra, Gujarat & Himachal cut Value-Added Tax on fuel

Maharashtra, Gujarat & Himachal cut Value-Added Tax on fuel”

DAYS AFTER the Centre cut excise duty on petrol and diesel by Rs 2 per litre, and Union Finance Minister Arun Jaitley wrote to chief ministers, urging states to similarly reduce tax on petroleum products, NDA-ruled Gujarat and Maharashtra and Congress-led Himachal Pradesh slashed VAT on petrol and diesel on Tuesday.

Gujarat and Maharashtra have already done the central leadership's bidding while Chhattisgarh has sought exemption on the ground that Value-Added Tax is already low in the state.

The effective price of petrol in Gujarat from midnight Tuesday will be Rs 66.53 per litre and that of diesel Rs 60.77 per litre.

Himachal charges 27 per cent Value-Added Tax on petrol and 16 per cent on diesel.

VAT on petrol in Mumbai, Thane and Navi Mumbai will come down from 26 to 24 per cent, while the change in rest of the state will be 25 per cent to 24 per cent. Tax on diesel has come down from 24 per cent to 23 per cent. Rupani announced that VAT on petrol and diesel was being reduced by 4 per cent, which will lower the price of both by a little under Rs 3 per litre."Lower VAT rates will come into effect from midnight tonight", the CM told reporters at his official residence in Gandhinagar , As Reported By DNAIndia.

"The government has a major challenge in the form of Rs 36,000 crore loan waiver for farmers and reducing even Rs one or two per litre diesel and petrol prices may mean huge revenue loss to the exchequer", said sources. The state also collects Rs 11 per litre and Rs 2 per litre as surcharge on petrol and diesel, respectively.

State finance minister Sudhir Mungantiwar termed the cut as a "Diwali gift" to people of the state. He claimed that the tax in UP was already low vis-à-vis in most other states in the country. Looking at the backlash over high petrol prices however, the Centre has slashed tax on petrol by Rs 1.17 per litre. Maharashtra pockets Rs 7,300 crore from petrol taxes and Rs 10,500 crore from diesel taxes.

"But we have taken this decision in the interest of people", Rupani said. The State earns around Rs 12,000 crore per annum throughVAT.Becauseofthe reduction in VAT, the State Government now stands to lose out Rs 2,316 cror e annually.



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