BJP asks Odisha to cut Value-Added Tax on fuel

07 October, 2018, 12:30 | Author: Shannon Aguilar
  • Petrol diesel prices to come down by Rs 2.50 govt cuts excise duty

Notably, petrol prices increased by at least Rs. 25/litre this year, ten times the reduction announced by Jaitely.

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai.

In Chennai, the petrol price was Rs 84.70 per litre while that of diesel was Rs 77.11 today.

Madhya Pradesh government has also chose to give an additional relief of ₹2.5/litre on Petrol and Diesel to give total benefit of ₹5/litre in the state, tweeted Madhya Pradesh CM Shivraj Singh Chouhan.

► Maharashtra CM Devendra Fadnavis said: "Maharashtra government also made a decision to give additional relief of Rs 2.50 per litre on petrol to give a total benefit of Rs 5 per litre in the state of Maharashtra".

Mr Jaitley said that since states taxes on petrol and diesel was on ad valorem basis, they will only have to forego additional revenue which came after oil prices had started rising.

The state will do so if the Centre bring the fuel prices down to the level when the Narendra Modi government assumed office in May 2014, Issac told the media here while reacting to Union Finance Minister Arun Jaitley's statement in this regard.

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The state of Karnataka, who earlier slashed fuel prices by Rs 2, will not be announcing any more cuts. Gujarat government reduced petrol and diesel prices by Rs 2.50 per litre, while Maharashtra lowered petrol price by 2.50 per litre.

After the minister's announcement, Jharkhand, Gujarat, Chhattisgarh and Maharashtra too announced a reduction in fuel prices.

Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation.

In Kolkata, petrol prices rose to Rs 83.52, whereas diesel prices were at Rs 75.09. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel. However, in Mumbai, the diesel have gone up by 7 paise only.

States Respond; Price Reduced By Rs 5!

The year 2015-16 and 2016-17 was the best in terms of revenue generation from oil for the central government. Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.

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