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Business Economy


UP govt hikes VAT on petrol and diesel

UP govt hikes VAT on petrol and diesel

Lucknow, Aug 20 (UNI) The Uttar Pradesh government increased Value Added Tax (VAT) on petrol and diesel with immediate effect that would subsequently increase price of diesel by 98 paise per litre and petrol by Rs 2.35 per litre.

The notification of this increase was issued on Monday night.

In Lucknow, the petrol would now cost Rs 73.65 per litre while diesel would cost Rs 65.34 per litre.

Earlier, the petrol was sold at Rs 71.30 per litre and diesel at Rs 64.36 per litre.

A senior government official said here that with this decision the state exchequer would get additional Rs 3000 crore and the money would be used in developmental projects.

Additional Chief Secretary Trade tax Alok Sinha said that VAT on petrol would now be 26.80 per cent or Rs 16.74 per litre while the VAT on diesel would be 17.48 per cent or Rs 9.41 per litre.

“The increase in prices will come into effect from mid-night,” Mr Sinha said.

Mr Sinha further said that the decision was taken in the public interest.

'Increase in VAT prices and subsequently increase in petrol and diesel prices will give additional revenue to the state government that’s why the UP Government had never reduced VAT on diesel and petrol when taxes on crude oil were low and central government in October 2017 had asked states to reduce tax to pass on the benefit to the consumers,' he stated.

UP Governor Anandiben has already signed the notification, he added.

This was the second time in less than two months that additional taxes have been imposed on petrol and diesel. Earlier the Union Government had imposed a cess of purchase of crude which resulted in increase of petrol prices by Rs 2 per litre.

UNI MB JTS

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