Uttarakhand cuts Value-Added Tax on petrol, diesel by 2 percent

Diwali Bonanza Petrol Diesel To Cost Less In Gujarat Maharashtra

Diwali Bonanza Petrol Diesel To Cost Less In Gujarat Maharashtra

While the Gujarat government cut the fuel prices by 4 per cent, the Maharashtra government reduced petrol and diesel prices by Rs 2 and Rs 1 respectively.

Uttarakhand Finance Minister Prakash Pant announced on Wednesday that the state government has chose to cut the cess and Value Added Tax on fuel by 2% each, ANI reported.

From the midnight of Tuesday, petrol price in Maharashtra will be Rs 60.55 per litre and diesel near Rs 59 per litre.

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"This is our Diwali gift to the masses", Mungantiwar told PTI. The BJP is hoping that the move will help arrest the rising anger among the middle class against soaring prices. The Gujarat Government earlier used to charge 24 per cent Value-Added Tax onpetrolanddieselandan additional 4 per cent cess. The tax on diesel has come down from 24 per cent to 23 per cent.

However, Mumbai saw decline of almost Rs 2 per litre and Rs 1 per litre in their petrol and diesel prices at Rs 75.59 per litre and Rs 59.58 per litre respectively.

Mungantiwar admitted that Tuesday's decision would lead to a revenue loss of Rs 2,015 crore.

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This decision to slash Value-Added Tax and cess on petrol and diesel comes after the Centre last week slashed the excise duty on petrol and diesel in the wake of escalating prices.

He said the decision will cause an annual revenue loss of Rs 2,000 crore to the state exchequer.

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.

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The government pegged the fiscal deficit target at 3.2 per cent for the current fiscal and 3 per cent for the next financial year. Progress on these ten topics will be appraised when the EAC-PM formally meets again in November.

Also considering the farm loan waiver provided by Maharashtra will add in shooting up debt stocks up to Rs 4.13 lakh crore in FY17. The state's economy has been consistently missing the fiscal deficit and the revenue deficit targets set by the Centre in the last few years. Without such a cess, the government will have to take a huge hit on its revenues which could impact infrastructure spending. "Dealers" strike on Oct 13 Meanwhile, although several petrol dealers in the country are threatening to go on strike on October 13 and start an indefinite strike from October 27, the oil companies still have not approached the state government to invoke provisions of Maharashtra Maintenance of Essential Services Act which provides for action against petrol pump owners.The petrol pump dealers have been demanding higher commissions. The state government's dependence on off-budget borrowings to fund big-ticket infrastructure projects has risen.

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