Madhya Pradesh cuts Value-Added Tax on Petrol, diesel, new prices from midnight
14 October, 2017, 00:05 | Author: Wade Massey
The Madhya Pradesh government on Friday announced cuts in state-imposed taxes on diesel and petrol, which will lead to a reduction in the prices of the two petroleum products by Rs 4 and Rs 1.62, respectively.
State Congress was critical even as the Shivraj Singh Chouhan government cut VAT on diesel and petrol. Opposition leaders described the cut in taxes as "too little" and done under the extreme pressure of the Union government keeping upcoming bypoll and elections in mind.
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The decision to slash prices by the state was taken after the Finance Ministry asked state chief ministers to cut retail Value-Added Tax rate on petrol and diesel by as much as 5%, following an excise duty cut of Rs 2 per litre on both. He said the reduction of Value-Added Tax will cost the exchequer Rs. 940 crore from petrol sales and Rs.1,075 crore from diesel sales. Prime Minister Modi had previously advised the states to cut back the prices on Petrol and Diesel to give some relief to people and the effect seems to have taken place as the states are now announcing cut backs.
Mungantiwar said the new rates on petrol and diesel will be effective from Wednesday. The state would try to make up the revenue loss by adopting austerity measures, he said. "During the UPA government regime under Prime Minister Manmohan Singh, the worldwide crude oil prices were as high as $72 to $75 per barrel and yet prices of fuel were not as high as it is today", Mishra argued. "While base price of petrol and diesel in Bihar stands at INR 55 a litre, the same is INR 51 a litre in Jharkhand".
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