Monday, December 18, 2017

Maharashtra reduces VAT on prices of petrol and diesel from midnight 10 October, Minister terms it Diwali Gift
Tuesday, October 10, 2017 - 6:41:22 PM - By News Bureau
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Maharashtra Finance Minister Sudhir Mungantiwar
NEW DELHI: Maharashtra has became the second state after Gujarat to reduce VAT on prices of petrol and diesel. The reduction, which is Rs 2 and Re 1 respectively, will be effective from midnight of 10 October 2017. Making the announcement about VAT reduction on petrol and diesel, Maharashtra Finance Minister Sudhir Mungantiwar termed it as a “Diwali gift” to people of the state.


“The chief minister has approved a proposal to reduce the VAT on petrol and diesel by Rs2 and Re1 a litre, respectively. This is our Diwali gift to the masses,” media reports quoted Sudhir Mungantiwar as having said.

Earlier, Gujarat reduced VAT on petrol and diesel by 4 per cent, becoming the first state to give relief to consumers from the recent surge in global auto fuel prices.

This was in sync with the Central government’s move to cut excise duty on petrol and diesel by Rs2 last week, the first tax cut on fuel by the current government, to tame rising inflation.

Media reports said that post the new rates coming into effect in Maharashtra, petrol would cost Rs 75.58 per litre while diesel would cost Rs 59.55 in the state.

Media reports added that Maharashtra charges 25 per cent VAT on petrol in Mumbai, Navi Mumbai and Thane. The rest of the state pays 26 per cent VAT on petrol. On diesel, 21 per cent VAT is levied in Mumbai, Navi Mumbai and Thane and while rest of the state is charged at 22 per cent.
Maharashtra Finance Minister
Sudhir Mungantiwar
Diwali gift
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Diesel
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VAT