Gujarat, Maharashtra slash Value-Added Tax on petrol, diesel
12 October, 2017, 00:02 | Author: Valerie Burke
After the Centre's suggestion to all States for considering a cut in state-level taxes on petrol and diesel, Maharashtra, Gujarat and Himachal Pradesh on Tuesday announced their respective cuts in Value Added Tax (VAT), effective from midnight, to bring down fuel prices in the three states.
In a major relief for motorists and consumers, the state government on Tuesday chose to reduce the prices of petrol and diesel by Rs 2 and 1 per litre. 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.
Announcing the rate cut as a "Diwali gift to the masses", the Maharashtra government expressed hope that the benefit would be passed on to consumers by oil companies.
The Centre last week cut excise duty on petrol and diesel by Rs 2 per litre each to provide relief to consumers from three-month long relentless price hike. He added the decision will cause an annual revenue loss of Rs 2,000 crore to the state exchequer. This move helps in easing the rising prices of retail fuel and has reignited the debate on uniform taxation on motor fuels and their inclusion under GST.
"We had reduced 2 per cent Value-Added Tax and one-and-a-half per cent cess on petrol and diesel soon after taking over to give relief to people". While BJP-ruled Gujarat and Maharashtra took the lead in lowering the tax, Congress-ruled Himachal Pradesh followed them.
Mungantiwar admitted that Tuesday's decision would lead to a revenue loss of Rs 2,015 crore. The VAT component varies across cities and the percentage is decided by individual state governments. "We have reduced petrol prices by Rs 2 and diesel prices by Re1 to bring some relief for the people". Both sectors have sought uniform pricing across the country under the one nation, one tax concept to facilitate equality, both for operators and State governments.
The VAT on petrol in Mumbai, Thane and Navi Mumbai has now come down to 24 per cent from the earlier 26 per cent.
According to the report, the new rates are Rs 68.32 per litre ( down from from Rs 69.01) for petrol and Rs 56.32 (Rs 57.09) for diesel.
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