Home » Money

Centre challenges non-BJP states to cut Value-Added Tax on fuel

07 October, 2018, 12:27 | Author: Kristi Dunn
  • FM Arun Jaitley addressing a press conference at North Block in New Delhi

According to Telangana Petroleum Dealers Association, the fuel prices would come down by Rs 3 as the Centre had announced a cut in excise duty.

This year alone, petrol and diesel prices have been hiked by Rs 13.91 and Rs 15.59 respectively in the national capital. Meanwhile, in Mumbai, petrol prices saw a rise of 18 paise while diesel was hiked by 70 paise. The price of crude oil, which makes up nearly 90% of oil imports, is a major factor behind the final price of petrol and diesel in the country.

Petrol prices in Chennai were reduced to Rs 84.70 per litre and Rs 83.35 per litre in Kolkata.

The government of India has finally pitched in to cut down the prices of fuel in India by cutting the excise on petrol and diesel.

The government Thursday announced a Rs 2.50 a litre cut in petrol and diesel prices, factoring in excise duty reduction of Rs 1.50 per litre and asking oil companies to absorb another 1 rupee per litre. Several states, including Gujarat, Assam, Uttar Pradesh, Chattisgarh, Jammu and Kashmir, and other slashed prices by as much as Rs 2.5 on the same day, expanding the effective relief to customers to Rs 5.

Speaking on the reason for price cut, the Finance Minister said that there has been a significant impact of higher interest rates in the U.S. and crude oil prices on rising fuel prices in the country.

Liverpool Vs Manchester City
We've recommended a long period of recovery so that he won't play in Liverpool-Napoli. "I don't know what's going to happen".

The decision was announced by finance minister Arun Jaitley after he held a closed-door meeting with Prime Minister Narendra Modi and petroleum minister Dharmendra Pradhan.

Price cut in states like Gujarat and Maharashtra would be Rs 5 after they matched the announcement with a similar reduction in local sales tax or VAT rates.

Addressing mediapersons in New Delhi, Congress spokesman Randeep Singh Surjewala called the cut "a panic reaction in the face of public anger" ahead of assembly polls in four states.

The cuts will cost the Centre Rs 10,500 crore in tax revenues, he said.

"With this people will get the relief to the tune of Rs 5 per litre", he said.

Opposition-ruled States like Karnataka, Andhra Pradesh, West Bengal and Kerala had already reduced Value-Added Tax but Congress-ruled Punjab is yet to take a call.

Recommended:



Popular

Rupee Dips Below 74 For First Time Against Dollar
It was further boosted when Fed chairman Jerome Powell suggested that moving beyond neutral interest rates was a possibility. It has fallen more than 14 percent since January, making it the worst performing major Asian emerging market currency.

Wife of former Malaysian leader arrested in graft scandal
She reportedly arrived at the MACC headquarters at 10.40am this morning, and this marks her third (and possibly final) visit. In a biography in 2013, Rosmah said it was common for a prime minister's wife to receive expensive jewelry and gifts.

US Vice President to attack China in major speech as ties worsen
The proposal, which comes at a time of heightened tensions between the United States and China, has yet to be approved. China also canceled a scheduled port call by the USS Wasp Amphibious Ready Group to Hong Kong .

Putin lands in Delhi with his arms bazaar
This deal may attract economic sanctions from the US under CAATSA, since US President Donald Trump is yet to certify the deal. They are also likely to discuss certain issues of crucial importance, especially Russia's proximity to Pakistan.

Goff shows his command in Rams' 38-31 win over Vikings
Enjoy another edition of Thursday Night Football , everyone! And Cousins was the second-best quarterback on the field. Diggs said he hopes that carries through the rest of the season. "I still have faith in this football team", he said.

Microsoft is working on a game and app streaming service codenamed ‘Arcadia’
Microsoft is now rolling out the all-new "Your Phone" app for all Windows 10 users with the new Windows 10 October update . However it started downloading the update and I am now being prompted to schedule a restart to install it...

Three things we learned: Tottenham v. Barcelona
Losing Eriksen, Alli, Mousa Dembele and Jan Vertonghen through injury ahead of such a big night was a cruel blow for Pochettino. Had Spurs had a fully fit squad to choose from, they could have nicked a point against Barcelona , or maybe even more.

In Kavanaugh Fight, Democrats Move Goal Posts Far, Far Away
Ford identified other witnesses to the event, and those witnesses either refuted her allegations or failed to corroborate them". I knew Brett at Yale because I was a classmate and a varsity basketball player and Brett enjoyed socializing with athletes.

China hits movie star Fan Bingbing with huge fines for tax evasion
Ms Fan dropped off the radar in June amid reports that she was involved in an investigation into tax evasion in the film industry. According to Chinese media, the actress evaded £800,000 in taxes by signing up to a secret contract worth £2.2m for Air Strike .

Paul Scholes - Jose Mourinho 'embarrasing' for Manchester United
Scholes was not the only one criticising Mourinho . "I think you have enough reasons to criticise me". Let us know in the comments section below.