No plans to reduce Value-Added Tax on fuel, indicates Guj Deputy CM

No plans to reduce Value-Added Tax on fuel, indicates Guj Deputy CM

With an increase of 38 paisa per litre for petrol, it is now at Rs. 82 per litre in the capital city. Thus VAT on petrol was increased by 5% and on diesel by 4.1%.

Apparently, the OPEC has passed a unilateral decision of reducing the production of crude oils raising their prices in the worldwide market to as much as 80$ per barrel which has increased its demand than its supply.

As protests against rising petrol and diesel prices grow, the government has said that it is working on finding a "long-term solutions". Here's one from me: Reduce Fuel prices or the Congress will do a nationwide agitation and force you to do so.

Amid a nationwide outrage over rising fuel prices, Maharashtra Chief Minister Devendra Fadnavis on Thursday pitched for bringing petrol and diesel under the purview of GST, saying it would ensure reduction of rates. The prices came into effect at 6 am today.

"If the price of oil goes up towards $100 a barrel we will very likely see a return to the dark days of April 2012 when petrol and diesel hit record highs".

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The current Narendra Modi regime has gained significantly in the past two years, the prices of the crude oil were extremely low that allowed the government to raise the excise duty 9 times. "It is possible to cut up to Rs 25 per litre, but the government will not". If prices sustain within the $60-80 a barrel mark, fuel subsidy for the financial year may exceed the budgeted Rs 250 billion. "They will cheat the people by cutting price by ₹1 or 2 per litre of petrol", he said.

The finance ministry has provided data on levies on petrol and diesel to the PMO. Rates vary from state to state depending on the incidence of local sales tax or VAT.

The Prime Minister's Office (PMO) will take a final call on a cut in the excise duty on petrol and diesel, according to senior officials, with surging fuel prices creating ripples among consumers and politicians alike.

The centre has held talks with the oil companies as part of controlling the price.

Higher prices are denting popularity of the ruling Bharatiya Janata Party, which face polls in key states later this year and a nationwide election in early 2019. Currently, petrol is taxed at a little over 100 percent and for diesel, the taxes come at around 66.48 percent.

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