Opposition DMK Slams Taxation On Petrol, Diesel In TN

Opposition DMK Slams Taxation On Petrol, Diesel In TN

Opposition DMK Slams Taxation On Petrol, Diesel In TN

On Wednesday, Uttarakhand too announced slashing VAT by 2% on auto fuel where petrol is taxed at 33.25% and diesel at 19.93%.

Stalin recalled that in the past, during certain rate revisions of the products, the M Karunanidhi-led DMK government had in the past reduced taxes on petrol and diesel in the state. 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.

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While Karnataka Chief Minister Siddaramaiah ruled out any rollback in VAT on auto fuel, Additional Chief Secretary (Finance) I.S.N. Prasad said he doubted if all States would agree for GST, during the next at least a year or so until the new tax regime stabilises. "The daily change in prices of petrol and diesel affect the customers from across the country to a similar extent".

"This is our Diwali gift to the masses", Mungantiwar told PTI. The state also collects Rs 11 per litre and Rs 2 per litre as surcharge on petrol and diesel, respectively.

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From the midnight of Tuesday, petrol price in Maharashtra will be Rs 60.55 per litre and diesel near Rs 59 per litre.

Finally, here is some relief for the people of Uttarakhand in terms of fuel prices. 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.

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"We had reduced 2 per cent Value-Added Tax and one-and-a-half per cent cess on petrol and diesel soon after taking over to give relief to people". Currently, the state has imposed a Value-Added Tax of 27 percent on petrol and 16 percent on diesel. The pump operators have demanded to bring the petrol and diesel into the ambit of goods and services tax (GST) so that the pricing difference among the states will no longer remain. 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. Given the huge difference between the maximum GST rates and current taxation rate on petrol and diesel, the government would require a cess of almost 50-75 percent to make up for lost revenue.

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