1. Go digital and save more on petrol, diesel even after VAT cut

Go digital and save more on petrol, diesel even after VAT cut

The Narendra Modi government has announced a major discount on petrol and diesel prices with a dual motive of cushioning the impact of rising international prices and promoting cashless transactions through BHIM App.

By: | Published: October 11, 2017 2:49 PM
Maharashtra, VAT on petrol, diesel, shiv sena,  Maharashtra economy, Devendra Fadnavis government, Ashok Chavan , Uddhav Thackeray The Narendra Modi government has announced a major discount on petrol and diesel prices with a dual motive of cushioning the impact of rising international prices and promoting cashless transactions through BHIM App. (Image: Reuters)

The Narendra Modi government has announced a major discount on petrol and diesel prices with a dual motive of cushioning the impact of rising international prices and promoting cashless transactions through BHIM App. The government has announced a discount of 49 paise per litre on petrol and 41 paise per litre on diesel on using government’s flagship Bhim App to make the payment.

The central government has already cut excise duty on petrol and diesel by Rs 2 per litre, which brought down the prices drastically. Following the excise duty cut and a call for retail VAT cut by the central government, Gujarat, Maharashtra and Himachal Pradesh announced a cut in a retail VAT on fuel.

This is not the first time when the government has incentivised on petrol and diesel prices. During demonetisation, when the country was facing massive cash-crunch, the government had announced 0.75% discount on using Debit/Credit Cards, Mobile Wallets and Prepaid Loyalty Cards for buying fuel.

However, the discount offered exclusively on BHIM App is aimed to push India towards a cashless society along with providing some respite to the common man. At a time when Indians are looking to save on petrol and diesel, this discount is also likely to boost the number of BHIM App downloads. By July this year, there were over 16 million downloads and 4 million active customer base on BHIM App. The government had, earlier, announced referral bonus scheme for individuals and a cashback scheme for merchants to promote the app. The government also provides discounts and cashback on various facilities like booking a hotel using the BHIM App, but with the need of the hour to lower the petrol and diesel prices, a discount is being offered on fuel as well.

The government, which earlier ruled out cutting excise duty on petrol and diesel saying it needed the revenue for capital investments, swung into action when a three-week rise in the international oil price pushed petrol price in Mumbai close to Rs 80 per litre. After making the excise duty cut of Rs 2 per litre on petrol and diesel, the centre then asked states to cut retail VAT. With Gujarat, Maharashtra and Himachal Pradesh slashing petrol and diesel prices, the consumer in these states will save further between Rs 2 and Rs 2.6 per litre.

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        Narendra Thakur
        Oct 11, 2017 at 4:15 pm
        This offer was made earlier too post demonetization that 0.75 will be credited back to one’s account for every purchase of Rs.100/- for buying petroleum products and the offer was to remain effective till 31st March, 2017. This was just to promote cashless transactions. Besides small purchases of Rs.200/- to Rs.300/- for filling up petrol in Two wheelers, I made purchase of Rs.1530/- for 5 times for purchase of Diesel for my G i-10 and true to the words of exchequer a sum of Rs.57/50 (11/50 x 5) cash back was credited to my bank account. Yesterday only my banker debited these Rs.57/50 (11/50 x 5 times) being reversal of the cash back credit given post demonetization till March, 2017. Credibility of the offer is hardly believable. It’s better not to go in for such cashless transactions. It was not expected that the Government will make such a foul play with the public at large. For purchase of consumer durable items, one can easily bargain for Cash discount then and there by making
        Reply

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