After Gujarat and Maharashtra, Madhya Pradesh became the third state to slash Value-Added Tax on prices of petrol by 3% and diesel by 5% respectively, effective from midnight.
The uptick in petrol and diesel prices weighed heavy on consumer inflation in September, contributing to 5.56 per cent of the index. The new rates will apply from Friday midnight.Chief minister Shivraj Singh Chouhan made an announcement to the effect in Bhopal on Friday , As Reported By Hindustan Times. Madhya Pradesh is the third BJP-ruled state where the Value-Added Tax has been reduced in a bid to bring down rising fuel prices.
Mungantiwar said the new rates on petrol and diesel will be effective from Wednesday. Gujarat levied 28.96% VAT on petrol and diesel prior to the tax cut.
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The move is expected to cause a revenue loss of an estimated Rs 2,000 crore per annum to the state exchequer, official sources said.
Maharashtra finance minister Sudhir Mungantiwar said on Tuesday that states are in principle on board with the idea of bringing petroleum products under GST although a decision has to be taken by the GST Council. Earlier, the central government had reduced the excise duty on petrol and diesel rates by Rs 2 per litre each.
"Going by the crude oil prices in global market, the petrol price should be less than Rs 50 per litre. We will make a strong plea to the Union Petroleum Ministry to lower this base price", Nitish Kumar said.