Published: Tue, September 11, 2018
Markets | By Noel Gibbs

Fuel tax cut unlikely as Centre projects Rs 30,000 crore revenue hit

Fuel tax cut unlikely as Centre projects Rs 30,000 crore revenue hit

The price of diesel rose to Rs 77.32, also an increase of Rs 0.23. Diesel became dearer by 10 paise per litre to set a new high. Instead, more states are expected to reduce VAT, which will lower prices without impacting the Centre's tax collection. Prices in Delhi, where rates are cheapest among all metros and most state capitals, saw petrol touch an all-time high of Rs 80.73 a litre on Monday, while diesel was at a record Rs 72.83 a litre.

Through these graphics, the BJP contended that the percentage increase in the prices of petrol and diesel was higher during the UPA regime (2004-2014) than during the NDA one (2014-present).

Led by Congress, the parties have demanded that fuel prices be brought under the ambit of Goods and Services Tax (GST), which will bring down prices by Rs 15 to Rs 18. Delhi's state government was receiving Rs 15.68 per litre as VAT/sales tax on petrol sold on April 1.

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As Andhra Pradesh joined Rajasthan in reducing VAT on petrol and diesel, the Centre on Monday seemed to be holding out against a cut in taxes amid rising pressure, with officials indicating that the government did not want its welfare schemes to suffer for want of revenue.

State governments are seeing their coffers being filled with the rise in fuel prices. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel. The tax ratio can be raised not by increasing rates but by bringing evaders and non-filers in tax net. "Even states like Bihar, Kerala and Punjab are not in a position to cut state levies on petrol/diesel", the official said. Here is the case of petrol: from Rs 9.20 a litre it shot up to Rs 19.48 per litre for petrol.

Rising fuel prices has been cause of grave concern in the country since the past couple of months. The Bharat Bandh was peaceful in Madhya Pradesh, said Makrand Deuskar, IG Law & Order, Madhya Pradesh on Bharat Bandh The Bharat Bandh was peaceful in the state, 110-115 people have been arrested.

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In Kolkata, the price of petrol has been increased to ₹83.27 per litre while the diesel price has gone up to ₹75.36 per litre.

While fiscal deficit means expenditure higher than income, current account deficit (CAD) is the difference between inflow and outflow of foreign currency.

"The government can not disturb fiscal maths by cutting excise duty", he said.

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