MP reduces Value-Added Tax on petrol, diesal by 3% and 5%

MP reduces Value-Added Tax on petrol, diesal by 3% and 5%

Another BJP ruled state, Madhya Pradesh has cut retail Value-Added Tax on petrol and diesel following central government's request earlier this month.

The decision came after a meeting of the state's Finance Minister Jayant Kumar Malaiya with Chief Minister Shivraj Singh Chouhan earlier in the day. Earlier, Gujarat, Maharashtra and Himachal Pradesh had announced cut n fuel. Shivraj said the farmers will get benefitted from the new prices as they use diesel in various farming purposes.

Bharatiya Janata Party (BJP)-ruled Gujarat reduced Value-Added Tax on petrol and diesel by 4%, becoming the first state to give relief to consumers from a recent surge in oil prices. Furthermore, the government has still not removed the cess of Rs 4 per litre on petrol and Rs 1.50 per litre on diesel.

On October 5, Oil Minister Dharmendra Pradhan, then, asked states to follow the Centre's footsteps in cutting taxes on petrol and diesel.

While Gujarat, Maharashtra, Himachal Pradesh and Madhya Pradesh have slashed petrol and diesel prices, the Bihar government wants the central government to lower the "base price".

The revised rates will be applicable from Friday midnight, he said.

The move is expected to cause a revenue loss of an estimated Rs 2,000 crore per annum to the state exchequer, official sources said. Increasing rates of petrol and diesel prices was the reason of consumer inflation in September, with a 5.56 rise in the Index. "Presently, the worldwide prices of crude oil is between $42 to $47 per barrel and fuel prices should be as low as Rs 45 to Rs 50".

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