![Excise move brings down VAT in Maha, Rai, Kerala Excise move brings down VAT in Maha, Rai, Kerala](https://cdn.magzter.com/1525333658/1653266737/articles/wRbs4nquY1653278361683/EXCISE-MOVE-BRINGS-DOWN-VAT-IN-MAHA-RAI-KERALA.jpg)
Though the Maharashtra government issued a statement on Sunday saying it reduced the VAT by ₹22.08 a litre on petrol and ₹1.44 a litre on diesel, it later clarified that "the reduction was reflected naturally because of the ad valorem system of taxation".
"It will lead to annual losses of ₹2,500 crore to the state exchequer," said Manoj Saunik, additional chief secretary, state's finance department.
Union finance minister Nirmala Sitharaman on Saturday announced a record ₹8 per litre cut in excise duty on petrol and ₹6 a litre on diesel to rein in soaring fuel prices owing to a surge in international crude prices amid Russia's war on Ukraine.
The minister also urged states to reduce VAT on petroleum products to give relief to the common man. "I wish to exhort all state governments, especially the states where the reduction wasn't done during the last round (November 2021), to also implement a similar cut and give relief to the common man," she said.
This story is from the May 23, 2022 edition of Hindustan Times.
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This story is from the May 23, 2022 edition of Hindustan Times.
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