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No cut in sales tax on fuel, says CM

No cut in sales tax on fuel, says CM

Dehradun, Oct 11 Uttarakhand Chief Minister Trivendra Singh Rawat today tweeted that his state has reduced Value-Added Tax and cess on petrol and diesel by 2 per cent each to give relief to people but later removed the message even as finance minister Prakash Pant clarified no such decision has been taken.

Uttarakhand has reduced Value-Added Tax and cess on petrol and diesel on the back of similar rate cuts by Maharashtra, Gujarat and Himachal pardesh, becoming the fourth state in India to do so. Facing heat from the Opposition over rising retail fuel prices, the Central government had on October 4 cut the basic excise duty on petrol and diesel by Rs 2 per litre. The move comes at a time the petrol and diesel prices at peak for which Finance Minister Arun Jaitley had asked all states to consider reducing state-level taxes on petrol and diesel products. Petroleum Minister Dharmendra Pradhan has recently been rallying for the inclusion of petrol and diesel under the ambit of GST, claiming it is the only way to have a "rational price mechanism in petroleum products".

Announcing the rate cut as a "Diwali gift to the masses", the Maharashtra government expressed hope that the benefit would be passed on to consumers by oil companies. The net reduction in petrol and diesel prices will be around Rs 2.33 per litre and Rs 1.25 per litre respectively in Maharashtra, said All India Petrol Dealers Association spokesperson Ali Daruwala. He said the decision will cause an annual revenue loss of Rs 2,000 crore to the State Exchequer.

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Finally, here is some relief for the people of Uttarakhand in terms of fuel prices. Almost half the current price of petrol and diesel is attributable to taxes imposed by the Central and the state government. "We have reduced petrol prices by Rs 2 and diesel prices by Re1 to bring some relief for the people". The State earns around Rs 12,000 crore per annum throughVAT.Becauseofthe reduction in VAT, the State Government now stands to lose out Rs 2,316 cror e annually. The cut would reduce the FY18 receipts by a whopping Rs 13,000 crore, which is approximately 0.8 percent of our total budgeted receipts for FY18 and around 2.4 percent of the year's total estimated fiscal deficit.

Petrol and diesel rates surged to a three-year high across the country.


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