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".

Related Articles

  • OnePlus 5 no longer available, fueling rumors of the impending OnePlus 5T

    OnePlus 5 no longer available, fueling rumors of the impending OnePlus 5T

    Several media reports are also circulating claiming that the OnePlus 5T may launch as early as November. The smartphone is expected to sport a Full HD+ display with a resolution of 2160 x 1080 pixels.

    Momentum Stock: Rite Aid Corp (RAD)

    The company reported ($0.01) earnings per share for the quarter, meeting the Thomson Reuters' consensus estimate of ($0.01). A stock with a price that fluctuates wildly, hits new highs and lows or moves erratically is considered highly volatile.
    Analyst's opinion on Hewlett Packard Enterprise Company (HPE)

    Analyst's opinion on Hewlett Packard Enterprise Company (HPE)

    On average, analysts expect that Hewlett Packard Enterprise will post $1.40 earnings per share for the current fiscal year. The percentage of shares being held by the company management was 0.1% while institutional stake was 70.8%.
  • Three dead after 'horrific' skydiving incident in Australia

    Queensland Police said the two men were aged in their 30s and the woman in her 50s. The body of the other instructor was located in the garden of a nearby house.

    Cypress Semiconductor Corporation (NASDAQ:CY)

    American Int Gp reported 0.03% in Cypress Semiconductor Corporation (NASDAQ:CY). 6,042 were accumulated by Creative Planning. It improved, as 30 investors sold CY shares while 88 reduced holdings. 55 funds opened positions while 101 raised stakes.
    IRS suspends its contract with Equifax amid new security concerns

    IRS suspends its contract with Equifax amid new security concerns

    If you have already enrolled, you're fine and can continue to access your account online. We are engaging IRS officials to review the facts and clarify available options.
  • Bayer to sell selected crop science biz to BASF for $7 billion

    Bayer to sell selected crop science biz to BASF for $7 billion

    Bayer shares were trading over 1% higher mid-morning, while BASF shares were a little lower. The proceeds of the sale are to go toward partially refinancing the Monsanto bid.
    State AGs ready to sue Trump over health care subsidies

    State AGs ready to sue Trump over health care subsidies

    In May, he and Becerra led a coalition of 18 Attorneys General and moved to intervene in House v. Schneiderman said he expected other states to join in the suits.
    Microsoft Edge preview arrives on iOS, coming soon to Android

    Microsoft Edge preview arrives on iOS, coming soon to Android

    Along with that, Microsoft introduced a new Android launcher app, which lets you customize you phone's home screen. It has Continue on PC functionality as well to enable users' smartphones and Windows 10 PCs to gel well together.
  • ¥530 Million Loss Causes Japan to Reconsider its Approach to Cryptocurrencies

    ¥530 Million Loss Causes Japan to Reconsider its Approach to Cryptocurrencies

    Other Cryptocurrency Heists Perhaps the most concerning aspect of the Coincheck incident is that it is not the first of its kind. At the recent World Economic Forum in Davos, Switzerland, many leaders reiterated warnings in the dangers of cryptocurrencies.

    Baidu INC (BIDU) Holder Edinburgh Partners LTD Raised Its Position

    After $0.13 actual EPS reported by RealPage Inc for the previous quarter, Wall Street now forecasts 15.38% EPS growth. As of the end of the quarter Gulf International Bank (uk) Ltd had acquired 1,000 shares growing its stake by 1.6%.

    Nextera Energy Partners LP (NEP) Now Covered by Analysts at Williams Capital

    It worsened, as 90 investors sold VZ shares while 700 reduced holdings. 65 funds opened positions while 91 raised stakes. The stock witnessed 0.53% gains, 3.4% gains and 17.55% gains for the 1-month, 3-month and 6-month period, respectively.