In Delhi, VAT is levied at the rate of 27 per cent on petrol and 16.75 per cent on diesel.Petrol prices on Saturday was increased by a minimum Rs 2.40 per litre and diesel by Rs 2.36, a day after Finance Minister Nirmala Sitharaman proposed to raise taxes on the fuels.
Petrol price in Delhi was increased by Rs 2.45 per litre to Rs 72.96 while the increase in Mumbai was Rs 2.42 to Rs 78.57, according to a price notification issued by state-owned Indian Oil Corp (IOC).
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel prices on a daily basis, and any revisions are implemented at the fuel stations with effect from 6 am.1.
In Kolkata, petrol price were hiked by Rs 2.40 to Rs 75.15 and in Chennai by Rs 2.57 to Rs 75.76 a litre.2.
Diesel price was hiked by Rs 2.36 per litre in Delhi to Rs 66.69 and by Rs 2.50 per litre in Mumbai to Rs 69.60.3.
Ms Sitharaman had on Friday raised excise duty and road and infrastructure cess on petrol and diesel by Rs 2 per litre each to raise Rs 24,000-28,000 crore on an annual basis.4.Before the tax increase, petrol attracted total excise duty of Rs 17.98 per litre (Rs 2.98 basic excise duty, Rs 7 special additional excise duty and Rs 8 road and infrastructure cess).
Now, this tax has gone up to Rs 19.98 a litre.5.
On diesel, a total of Rs 13.83 per litre excise duty was charged (Rs 4.83 basic excise duty, Rs 1 special additional excise duty and Rs 8 road and infrastructure cess).
Now, Rs 15.83 per litre is charged as excise duty.6.
On top of these, Value Added Tax (VAT) is charged which varies from state to state.7.
Fuel rates vary from state to state depending upon the incidence of local sales tax or VAT (Value Added Tax).
Also prices vary by a few paise at pumps operated by other state-owned fuel retailers, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL).8.
In Delhi, VAT is levied at the rate of 27 per cent on petrol and 16.75 per cent on diesel.9.
In Mumbai, VAT on petrol is 26 per cent plus Rs 7.12 a litre additional tax while diesel attracts 24 per cent sales tax.10.
The Bharatiya Janata Party (BJP)-government at the centre had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine installments between November 2014 and January 2016.(With inputs from PTI)Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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