Maharashtra reduces VAT on petrol & diesel prices after govt cuts excise duty
Zee News
Finance Minister Nirmala Sitharaman had estimated that the cut in excise duty will save the government roughly Rs 1 lakh crore per year.
New Delhi: The Maharashtra government slashed VAT on petrol and diesel by Rs 2.08 per litre and Rs 1.44 per litre, respectively, on Sunday. The cut will take effect immediately, according to the Maharashtra government statement.
The Maharashtra government's action comes just a day after the Centre cut excise rates on gasoline and diesel by Rs 8 and Rs 6 per litre, respectively. The drop in excise duty resulted in fuel and diesel prices falling by Rs 9.5 and Rs 7 per litre, respectively.
Finance Minister Nirmala Sitharaman had estimated that the cut in excise duty will save the government roughly Rs 1 lakh crore per year when she announced the measure.
Prime Minister Narendra Modi responded to Twitter shortly after the finance minister's announcement, claiming that the actions demonstrated that his government always puts people first.
“Today's decisions, especially the one relating to a significant drop in petrol and diesel prices will positively impact various sectors, provide relief to our citizens and further ‘Ease of Living’,” the prime minister had tweeted.
