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Citizens in Delhi can expect some relief soon from high fuel prices as the Delhi government is working on a plan to reduce the Value Added Tax (VAT ) rate on petrol and diesel.
While speaking at a summit, chief minister Arvind Kejriwal said that deputy chief minister Manish Sisodia has been working on a plan with the officials and once the calculations are completed, the government will make an official announcement on the tax cut, said a report in the Times of India.
The Delhi Petrol Dealers Association has requested the chief minister to reduce the VAT rate. According to the dealers, the VAT cut will increase sales and may prevent a financial crisis.
The petrol price in the capital city stands at Rs 103.97 a litre, while the diesel price is Rs 86.67 per litre.
Excise Duty
Earlier on November 3, the Centre reduced excise duty on petrol by Rs 5 per litre and diesel by Rs 10 per litre, snapping the relentless rise in prices. Following this, petrol prices were reduced across the country by Rs 5.7-Rs 6.35 per litre, and diesel prices were reduced by Rs 11.16 -Rs 12.88 as the oil companies passed on the benefit to customers.
The retail price of petrol and diesel is determined by adding central excise, dealer commission and VAT to basic oil costs. The fundamental oil price is the worldwide benchmark rate plus freight.
The chief minister also said he is responsible for cleaning the Yamuna River. “I’m not going to accuse anyone. This is a problem that has existed for almost 70 years. While I requested for 5 years, at the very least give me some time, the Yamuna will be cleaned by the next election,” the Times of India report quoted him as saying.
Union minister Nitin Gadkari has stated that placing petrol, diesel and other petroleum goods under the GST framework will lower taxes on these products and raise revenue for both the Centre and the states, said the report. According to Gadkari, finance minister Nirmala Sitharaman will try to bring petrol and diesel under GST if she receives backing from state governments.