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Madhya Pradesh govt cuts Value-Added Tax on petrol and diesel

Madhya Pradesh govt cuts Value-Added Tax on petrol and diesel”

The new rates will apply from Friday midnight.Chief minister Shivraj Singh Chouhan made an announcement to the effect in Bhopal on Friday , As Reported By Hindustan Times.

The actions of the three state governments will put pressure on other states to cut Value-Added Tax on petrol and diesel; it also signalled the possibility of coordinated responses even on products outside GST-in this case it could have a salutary effect on retail inflation.

Later in the evening Himachal Pradesh, ruled by Congress, announced a 1% reduction in Value-Added Tax. An additional Rs 1.50 has been reduced in the cess on diesel.

While Gujarat, Maharashtra, Himachal Pradesh and Madhya Pradesh have slashed petrol and diesel prices, the Bihar government wants the central government to lower the "base price". "Now it is up to state governments if they are concerned with the issue (to cut sales tax or VAT)", he had said.

More news: Donald Trump: NFL Shoulda Suspended Kaepernick for Kneeling

On October 5, Petroleum Minister Dharmendra Pradhan, then, asked states to follow the Centre's footsteps in cutting taxes on petrol and diesel. Earlier, the central government had reduced the excise duty on petrol and diesel rates by Rs 2 per litre each.

The decision would cause a revenue loss of about Rs 1,000 crore to the state exchequer in the remaining six months of the current fiscal, he said.

"Going by the crude oil prices in global market, the petrol price should be less than Rs 50 per litre".



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