Assam Govt slashes prices on petrol and diesel; reduces Value-Added Tax in state

Petrol diesel prices to come down by Rs 2.50 govt cuts excise duty

Petrol diesel prices to come down by Rs 2.50 govt cuts excise duty

The Finance Minister, Arun Jaitley briefed the media today and announced the government's decision to cut the excise duty on fuel prices both petrol and diesel by Rs 1.50 per litre with immediate effect. That's aimed at checking a rise in retail prices which hit new highs every day as the Brent crude surged 28 percent his year. "Apart from tax reduction in oil companies, if we also include a cut in other taxes, there would be an overall reduction of Rs 3 on fuel", dealers said.

Karnataka and Kerala indicated that they will not be reducing local duty on fuel.

The reduction followed petrol and diesel prices touching new highs. A high-level meeting convened by the Prime Minister Narendra Modi has made a decision to reduce the Excise Duty by 1.50 Rupees. He added that a total of Rs 2.50 will be reduced from current petrol and diesel cost. This will give huge relief to common citizens.

After the minister's announcement, Jharkhand, Gujarat, Chhattisgarh and Maharashtra too announced a reduction in fuel prices. "Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat".

So after the fuel cut of Rs 2.50-Rs 5 across India, how much are fuel prices in your city?

Elections do make governments price-sensitive.




Mr Jaitley expressed hope that the states will reduce state tax on fuel along with centre's move. States saw their Value-Added Tax revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

► However, Bihar Deputy CM Sushil Modi said that they haven't received any letter from Jaitley ji.

Since the government came to power in May 2014, it has used tax increases on petrol and diesel prices to raise funds for welfare programmes.

Interestingly, among the NE states, Assam levies the highest VAT- 30.90 pct on petrol and 22.79 pct on diesel. Many thanks to PM Shri @narendramodi ji. "This is nothing but propaganda by the BJP government", Chavan said.

Jammu and Kashmir: Petrol and Diesel prices in Jammu and Kashmir have been slashed by Rs 5 per litre, the state government.

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