1. Petrol, diesel cheaper in Chandigarh as UT cuts VAT by 5%

Petrol, diesel cheaper in Chandigarh as UT cuts VAT by 5%

The UT Administration has cut down retail VAT on fuel by 5%, bringing down the price of petrol by Rs 2.74 per litre and diesel by Rs 2.47 in Chandigarh.

By: | Published: October 18, 2017 3:12 PM
Diesel, Indian Oil, HPCL, BPCL The UT Administration has cut down retail VAT on fuel by 5%, bringing down the price of petrol by Rs 2.74 per litre and diesel by Rs 2.47 in Chandigarh.  (Image: Reuters)

The UT Administration has cut down retail VAT on fuel by 5%, bringing down the price of petrol by Rs 2.74 per litre and diesel by Rs 2.47 in Chandigarh. The decision to slash prices was taken after the Finance Ministry asked state chief ministers to cut retail VAT rate on petrol and diesel by as much as 5%, following an excise duty cut of Rs 2 per litre on both.

Earlier, Gujarat, Maharashtra, Himachal Pradesh and Madhya Pradesh had announced cut n fuel. “In Exercise of the powers conferred by subsection (3) of the Section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), as extended to Union Territory, Chandigarh and all the other powers enabling the Administrator, Union Territory, Chandigarh, makes amendments with effect from October 18,” the UT Administration said in a statement.

The petrol and diesel will be cheaper in Chandigarh as compared to other cities in Punjab and Haryana, as the states have not yet announced any cut.

Last month, on the back of rising international prices, the government had slashed excise duty by Rs 2 per litre on petrol and diesel, following which he asked states to cut retail VAT. “Now it is up to state governments if they are concerned with the issue (to cut sales tax or VAT),” he had said.

While Gujarat, Maharashtra, Himachal Pradesh and Madhya Pradesh have slashed petrol and diesel prices, the Bihar government wants the central government to lower the ‘base price’. On October 9, Bihar Chief Minister Nitish Kumar had said that his government will appeal to the Centre to lower the ‘base price’ of petrol and diesel which stands at Rs 55 a litre in the eastern Indian state. “While base price of petrol and diesel in Bihar stands at INR 55 a litre, the same is INR 51 a litre in Jharkhand. We will make a strong plea to the Union Petroleum Ministry to lower this base price,” Nitish Kumar said.

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