Friday 14 December 2018

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Economy | Finance

Petrol up in India, Goa reduces VAT to bring it below Rs 60

 

In view of petrol hike last night, Goa has reduced VAT on petrol by two per cent to maintain the price below Rs 60.

A promise in this regard was made by Chief Minister Laxmikant Parsekar in his budget speech.

The Indian Oil Corporation hiked fuel prices last night – petrol by 83 paise and diesel by Rs 1.26 per litre.

Due to this, the petrol price in Goa got raised to Rs 60.70.

When enquired, Finance Joint Secretary Michael D’Souza confirmed that the government has immediately reduced the VAT from 22 per cent to 20 per cent.

     

In spite of the hike at national level, the petrol in Goa would now cost Rs 59.70, he said.

Parsekar in the budget had hiked the VAT from 15 to 22 per cent, bringing it to the original level, before his predecessor – defence minister Manohar Parrikar – had reduced it to 0.5% in 2012.  

While hiking VAT to 22 per cent, Parsekar however had promised in the budget speech that he would revise the VAT if petrol prices cross Rs 60 per litre.  






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