Odisha’s Diwali bonanza: CM Naveen Patnaik declares Rs 3 discount of VAT on petrol and diesel

By Express News Service

BHUBANESWAR: Odisha Chief Minister Naveen Patnaik on Thursday introduced discount of VAT of Rs 3 every on petrol and diesel per litre so as to present reduction to basic public from the rising gas costs. 

This shall be relevant from midnight of November 5. This is over and above the discount in excise responsibility introduced by Centre.

In view of this discount, the lack of VAT income to state exchequer shall be to the tune of Rs 1400 crore every year. This is along with loss in VAT assortment of  Rs. 1.6 litre on petrol and Rs. 2.8 litre on diesel, whole amounting to Rs 700 crore which the state is prone to incur in view of excise responsibility discount by the Centre.

 The whole loss to state exchequer on account of  discount in VAT is roughly Rs. 2000 crore. With this discount, the petrol and diesel costs within the state is prone to be one of many lowest within the nation, in line with the Chief Minister’s Office.