Centre slashes fuel prices by Rs 2.50, BJP-ruled states make it Rs 5

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HT Bureau

GUWAHATI, Oct 4: Assam government on Thursday announced reduction in the prices of petrol and diesel in the state by Rs 2.5 per litre by decreasing the Value Added Tax (VAT). The consumers will get the benefit of a total relief of Rs 5 per litre.

The announcement followed the Centre’s move to reduce the prices of two fuels by Rs 2.5 per litre.

“Following Finance Minister Sri @arunjaitley announcement of cut of Rs 2.50 per litre in petrol & diesel prices, glad to share that Assam Govt has also decided to reduce Rs 2.50 on both petrol & diesel per litre, making it Rs 5 less than prevailing rates,” Assam finance Himanta Biswa Sarma tweeted on Thursday evening.

“I would like to compliment HCM Sri @sarbanandsonwal for taking this bold step of Rs 2.50 per litre VAT cut in diesel and petrol prices. I wish to assure that despite projected revenue loss of Rs400 cr all developmental activities will continue at same pace,” Sarma tweeted.

“The tax cut of Rs 2.50 per litre on both petrol & diesel shall mean a loss of revenue of Rs 400,” he tweeted.

“Present rate is Rs 86.50/L for petrol & Rs 78.91/L for diesel. After rate cut by GOI & Assam Govt, new rates would be Rs 81.50/L & Rs 73.91/L respectively,” the minister tweeted.

Meanwhile, an official release informed here that the state finance (taxation) department by a notification has granted in public interest, partial exemption to the oil companies, covered by sub-rule (1) of rule 8 of the Assam Value Added Tax Rules, 2005, from payment of tax payable on diesel and petrol and other motor spirits sold within the state of Assam, at the rate of Rs 2.50 per litre.

“This partial exemption from payment of tax payable is subject to the condition that the retail price of such diesel and petrol and other motor spirits shall be reduced by such oil companies by Rs.2.50 per litre,” the release said.

The notification shall come into force with effect from 00:00 hours of October 5, it added. Meanwhile, Arunachal Pradesh and Tripura joined other BJP-ruled states in the country to reduce petrol and diesel prices by Rs 2.5 per litre after the Centre’s decision to pare prices by a similar margin.

The state governments will bear the impact of the cut of Rs 2.5 per litre from the state Value Added Tax (VAT).

The Arunachal Pradesh government has decided to cut fuel price with effect from Thursday midnight, an official statement said adding the consumers will get the benefit of a total relief of Rs 5 per litre.

It said the step is being taken in order to ease the difficulties of the common people and also to reduce the inflationary trend despite loss in revenue.

The Centre’s decision to cut excise duty on petrol and diesel by Rs 1.50 per litre was announced by Union finance minister Arun Jaitley who said oil firms would absorb Re 1 a litre of the prices.

He asked the state governments to match the move with a similar reduction in sales tax or VAT.

Announcing the cut in fuel price in Tripura, Sanjoy Mishra, the media advisor to chief minister Biplab Kumar Deb, said it was being done to “honour the central government’s decision to provide respite to the common man”. The petrol price in Agartala on Thursday was Rs 82.35 per litre. The revised rates would make Rs 77.35 per litre.

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