Centre challenges non-BJP states to cut Value-Added Tax on fuel

06 October, 2018, 10:26 | Author: Eric Barnett
  • Fuel Prices Center Finally Responds To Common Man's Plight

Excise duty to be reduced by Rs.1.50 & OMCs will absorb 1 rupee.

Jaitley also urged state governments to further reduce VAT and other state-level taxes to further drop the price.

He also noted that the oil marketing companies are fully competent to deal with the decision and the government was not going back on fuel price deregulation.

The Finance Minister said, however, that the higher oil prices were not the only factor that prompted the decision: India was also getting hit by higher US interest rates, although he added that only the country's current account deficit was swelling under the twin pressure of prices and rates, while the national fiscal deficit was enjoying the positive effects from direct tax collection rates.

The move by the central and state governments will cost the exchequer a significant amount but will provide relief for consumers.

The fuel prices were cut a day after centre's announcement.


In New Delhi, petrol prices rose by 15 paise to Rs 84 a litre while diesel prices increased by 20 paise to Rs 75.45 per litre. "The government will bear the losses in the larger public interest", Fadnavis said.

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, who is in Bhubaneswar at present, requested Odisha Chief Minister Naveen Patnaik to cut taxes on fuel, ANI reported.

Petrol prices on Thursday touched an all-time high of Rs 91.34 per litre in Mumbai. After you announced Rs 5/litre, implement it instead of giving just Rs 4.37/litre... A 13 percent depreciation in the Indian rupee had only made fuel imports costlier. The chief minister said that the Maharashtra government has a positive stand on bringing petrol and diesel under the ambit of Goods and Services Tax.

Before the reduction, Mumbai had the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel. This means that petrol will continue to be expensive in Delhi.

Jaitley said the total impact of Rs 1.50 cut in excise duty is about Rs 21,000 crore for full year and Rs 10,500 crore the reminder of current fiscal.

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