Madhya Pradesh cuts petrol, diesel Value-Added Tax, new prices from midnight

Petrol Price in Madhya Pradesh: Chief Minister cuts back 3% VAT

MP govt slashes VAT on petrol, diesel; prices applicable from midnight today

Leader of Opposition Ajay Singh said the tax cut on fuel prices is only a "deception" as even after the reduction, Madhya Pradesh will still remain the state to pay the highest for petrol and diesel.

Later in the evening Himachal Pradesh, ruled by Congress, announced a 1% reduction in Value-Added Tax.

States this week reduced Value-Added Tax in response to the Centre's decision to cut excise duty on petrol and diesel last week. Shivraj said the farmers will get benefitted from the new prices as they use diesel in various farming purposes.

Maharashtra finance minister Sudhir Mungantiwar said on Tuesday that states are in principle on board with the idea of bringing petroleum products under GST although a decision has to be taken by the GST Council. The announcement has come after Maharashtra and Gujarat also reduced the prices of petrol and diesel.

Japanese steel scandal grows as Kobe admits more cases of falsified information
More than thirty non-Japanese clients, including Daimler and Airbus to name a few, had been affected by the company's data fabrication.

Three dead in Australia skydive incident
An eyewitness told The Cairns Post newspaper he could do nothing as he watched the incident unfold on Friday afternoon. The two others were discovered soon afterwards, where they had become entangled in a nearby tree.

Sirius XM Holdings Inc. (NASDAQ:SIRI), Morgan Stanley (NYSE:MS)
Considering that the stock daily volume of 20.33 million shares, this represents a pretty noteworthy trading in volume size. Chiron Investment Management LLC increased its position in shares of Sirius XM Holdings by 143.9% during the 2nd quarter.

On October 5, Petroleum Minister Dharmendra Pradhan, then, asked states to follow the Centre's footsteps in cutting taxes on petrol and diesel.

The revised rates will be applicable from Friday midnight, he said. An additional Rs 1.50 has been reduced in the cess on diesel.

The move is expected to cause a revenue loss of an estimated Rs 2,000 crore per annum to the state exchequer, official sources said. Consumer price index-based inflation accelerated for the second consecutive month by 3.36% in August from 2.36% in July. In Bhopal, petrol will now cost Rs 73.13 per litre against the earlier price Rs 74.79 per litre.

Latest News