VAT on petrol, jet fuel to be cut in MP

New Delhi/ Bhopal: The Madhya Pradesh government will be paring value-added tax (VAT) on petrol and aviation turbine fuel sold in the central Indian state in the coming financial year.
In his Budget 2012-13 speech, finance minister Raghavji has announced that the government was aiming to rationalise taxes as committed in the previous budget speeches, adding that a cut in VAT on petrol and ATF would provide more comfort to commoner.
Also, to make the state’s traders feel easy, the Budget proposal, presented two days ago, extended the limit for “only return filing facility” to those who have an annual turnover of Rs 60 lakh and Rs 30,000 composition. At present, all those who have more than a turnover of Rs 20 lakh or Rs 10,000 composition are required to deposit tax.
The minister has slashed the VAT on petrol by 1.75 per cent from existing 28.75 per cent, and 4.75 per cent on ATF to reduce it to 23 per cent from the existing 27.25 per cent. “From now onwards, petrol and diesel will attract multi-stage VAT,” he added.
Further, the government has rationalised the entry tax by halving the rates to 1% on certain items defined in schedule 1 and 2. Further, cotton and cotton-waste yarn will be exempted from entry tax. Other items specified in schedule-1 will attract one per cent tax.
03/03/12 Shashikant Trivedi/Business Standard

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Categories: Indian Aviation- In General Mar 2012