Chandrababu Naidu cuts Rs 2 on Value-Added Tax on fuel, blasts YSRC

Chandrababu Naidu cuts Rs 2 on Value-Added Tax on fuel, blasts YSRC

Chandrababu Naidu cuts Rs 2 on Value-Added Tax on fuel, blasts YSRC

The incessant increase in fuel prices may have given the Opposition a convenient tool to beat the government with. "This increase in petrol and diesel prices is likely to give states windfall gains of around Rs 22,700 crore over and above the budget estimates for the current fiscal".

"A $1/barrel increase in oil prices, translates in a revenue of Rs 1,513 crore to all major (19) states", said the note authored by SBI's Group Chief Economic Adviser Soumya Kanti Ghosh. Bharat Bandh was called for today from 9 AM to 3 PM to bring petrol and diesel under the Goods and Services Tax (GST), which, the grand-old party said, would decrease the price by Rs 15-18.

The prices of petrol and diesel are under Rs 70 per litre in Port Blair, the capital of the Andaman and Nicobar Islands. State oil companies publish local rates of petrol and diesel daily, based on the average price of these fuels in the worldwide market for the trailing fortnight. The new petrol and diesel prices will be applicable from Tuesday morning (September 11).

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Meanwhile, Maharashtra minister of state for home and finance Deepak Kesarkar said chief minister Devendra Fadnavis is looking at all possible options to reduce the rise in petrol and diesel prices. In Mumbai, petrol sold at Rs 88.21 and diesel at Rs 77.41, according to All India Petrol Dealers Association (AIPDA).

Andhra Pradesh offered some relief, while Karnataka promised to consider a cut.

Ghosh sees the largest revenue gain for Maharashtra (Rs 3,389 crore), followed by Gujarat (Rs 2,842 crore).

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The Central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre.

Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

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