Chandigarh hikes VAT rates on petrol and Diesel
The Chandigarh Administration has increased the Value Added Tax (VAT) rates on petrol and Diesel on Wednesday. The New rates of VAT on petrol is 22.45 percent or a fixed rate of Rs. 12.58 per litre whichever is higher and on diesel is 14.02 percent or fixed rate of Rs. 7.63 per litre whichever is higher.
The earlier rates of VAT on petrol and diesel were 17.45 percent and 9.02 percent respectively. With the increase in the VAT rates, the selling price of Petrol will be Rs. 68.62 per litre and Diesel Rs. 62.02 on the basis of current prevailing selling price and these changes will come into effect from the midnight of May 6 and May 7.
With the hike in the VAT rates of petrol and diesel, the Administration will get additional VAT revenue of Rs. 100 Crore approximately in this financial year 2020-21.
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Likewise, the Punjab Government also increased the prices of Petrol and Diesel by Rs 2 per litre each, with effect from midnight. The state government amended the value-added tax (VAT) to hike rates of diesel and petrol by about Rs 2 per litre. The decision came after Delhi raised diesel price by Rs 7.15 and petrol by Rs 1.67. Similarly, Haryana increased the petrol prices by Rs 1 and diesel by Rs 1.10.
-PTC News
