Bhubaneswar: Providing relief to the general public from rising fuel prices, Odisha government has reduced Vat of Rs 3 each on petrol and diesel which will be applicable from midnight of November 5. Chief Minister Naveen Patnaik announced it on Friday.
This is over and above the reduction in excise duty announced by the centre.
The VAT cut will decrease the oil prices in the state. The petrol price will come down to Rs 101.88 per litre which was sold for Rs 104.88, while diesel, which was sold at Rs 94.50 will now cost Rs 91.50.
With this new announcement, the state will lose VAT revenue to the tune of Rs 1400 Crore per annum. This is in addition to loss in VAT collection of Rs 1.6 per litre on petrol and Rs 2.8 per litre on diesel.
The total loss to state exchequer on account of reduction in VAT is approximately Rs. 2000 Cr. but is going as a major relief to the people of Odisha.
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