Madhya Pradesh cuts petrol, diesel Value-Added Tax, new prices from midnight

Madhya Pradesh cuts petrol, diesel Value-Added Tax, new prices from midnight

The VAT on diesel is reduced by 5 per cent. The decision announced by chief minister Vijay Rupani in Gandhinagar will make petrol cheaper in the state by Rs2.93 and diesel by Rs2.72 a litre from Wednesday.

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.

The Madhya Pradesh Government on Friday reduced the value-added tax (VAT) on petrol and diesel by 3 and 5 per cent, respectively. Earlier, Gujarat, Maharashtra and Himachal Pradesh had announced cut n fuel. The State Government also withdrew the additional cess of Rs 1.50 per litre on diesel. In the wake of escalating petrol and diesel prices, Finance Minister Arun Jaitley had said that it was up to states to reduce Value-Added Tax, since they were direct beneficiaries of the same.

Maharashtra finance minister Sudhir Mungantiwar said on Tuesday that states are in principle on board with the idea of bringing petroleum products under GST although a decision has to be taken by the GST Council.

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

The revised rates will be applicable from Friday midnight, he said. Consumer price index-based inflation accelerated for the second consecutive month by 3.36% in August from 2.36% in July. "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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