Fuel goes expensive as VAT increased

Fuel goes expensive as VAT increased

Petrol and diesel prices go higher by 1.50 and 1 rupee respectively
Fuel goes expensive as VAT increased
Covid19 has affected the economy to a great extent.

The economic crisis because of Covid19 has resulted in the state government increasing VAT on fuel. This means that petrol and diesel prices will go higher once again.

VAT has been increased by 2 percent on petrol and 1 percent on diesel. Earlier VAT on petrol was 34 percent and 26 percent on diesel. This was raised to 36 percent and 27 percent in a notification issued by the finance department as directed by the state government. 

Petrol price has gone up by 1.50 rupees whereas diesel price has gone up by 1 rupee. Prior to this the state government had hiked VAT by 4 percent each as per which the excise duty on petrol and diesel had gone up the charts by 3 rupees per litre. 

It may be noted that the cost of crude oil in the present times is much low in the international market, yet the attack of covid19 on the economy has affected the government's financial status to a great extent. 

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