State cuts Value-Added Tax on fuel by Rs. 2 per litre

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Amidst protests and national bandh by the opposition parties on Monday, the Telugu Desam Party government in Andhra Pradesh, an ally of BJP-led NDA government till March, has announced slashing the petrol and diesel prices by Rs 2 a litre. On May 16, 2014, the petrol price was Rs 71.41 which took the percentage increase to 75.8.

If the reports coming from the power corridors of Amaravati, Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu is learnt to have chose to give relief to the citizens by reducing the Value Added Tax (VAT) on diesel and petrol in the State.

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The Delhi High Court on Monday dismissed the pleas of Sonia and Rahul challenging reopening of their tax assessments for 2011-12.

This was announced by Chief Minister N. Chandrababu Naidu while introducing a resolution in the Assembly on Monday urging the Central government to slash excise duty and Income Tax dividend and cess being levied on petroleum products to bring further relief to people. The case of over 400 petrol pumps on the Gurgaon side of Gurgaon - Rajasthan border, and truckers carrying additional tank load of diesel from Haryana which could be at the cost of additional cargo load which they can otherwise carry. "Currently, Centre compensates states based on the 14 per cent growth in tax revenue. It would remove a lot of discrepancies that happen when different states have different rates", said an oil industry official. "2008-2014 it was static", he said.

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In countries, which are tax compliant, oil is taxed at a rate that is less than that in India. "We have to depend on imports for oil". Because the price is built up by excessive taxes on petrol and diesel.

Also, states levy Value-Added Tax and this has increased their profits. So states get Rs 30 out of Rs 42 collected as taxes. The extra benefit accrued to states is Rs 3-4 per litre, he said. Diesel is being sold here at Rs 77.92 per litre.

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Fuel prices continue to soar and on Saturday, petrol price for the first time crossed the Rs 85 mark in the city.

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