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

For representational purposes

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".

Related:

Comments

Latest news

EPS for NextEra Energy Inc (NEE) Expected At $1.76
The fund owned 120,100 shares of the utilities provider's stock after purchasing an additional 11,100 shares during the quarter. It worsened, as 90 investors sold VZ shares while 700 reduced holdings. 22 funds opened positions while 65 raised stakes.

OnePlus 5T images leaked online showing new 18:9 display
It is being speculated that the OnePlus 5T will sport a much larger screen than the now available OnePlus 5. The new OnePlus 5T may also be coming with some hardware changes such as added water and dust resistance.

Florida detective captures 9-foot-long anaconda
They believe the 9-foot reptile was a pet that either escaped or was released. "If you own an exotic pet - please be responsible". Deputies say that instead of releasing pets, owners should contact the Florida Fish and Wildlife Conservation Commission .

Sturgis Brown High School cancels homecoming
Sturgis was scheduled to play neighboring Pine Ridge Indian Reservation in the homecoming football game. The Meade School Board voted 8-0 on Thursday to cancel all remaining homecoming activities.

Under pressure from Congress, IRS suspends Equifax contract
There was no indication that any of the IRS data shared with Equifax under the contract had been compromised, it added. Late on October 12, the IRS said that it was temporarily suspending the contract, a move applauded by lawmakers.

Other news