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Madhya Pradesh cuts VAT on Petrol, diesel, new prices from midnight

VAT

New Delhi: After Gujarat and Maharashtra, Madhya Pradesh became the third state to slash VAT on prices of petrol by 3% and diesel by 5% respectively, effective from midnight.

Madhya Pradesh CM Shivraj Singh Chouhan on Friday said,”Have reduced 5% VAT on diesel & 3% on petrol, new prices will come into effect from midnight.”

The decision to slash prices by the state was taken after the Finance Ministry asked state chief ministers to cut retail VAT rate on petrol and diesel by as much as 5%, following an excise duty cut of Rs 2 per liter on both.

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

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