J&K slashes VAT on fuel price; LG Sinha calls it Modi’s ‘Deepawali gift’

On Wednesday, the BJP government reduced excise duty on petrol and diesel to bring down the prices of the two petroleum products which had been seeing an upward trend

Jammu and Kashmir administration on Thursday reduced Value Added Tax (VAT) on petrol and diesel by ₹7.

The relief to consumers came on the eve of Diwali. The finance ministry said that excise duty on petrol will come down by ₹5 and that on diesel by ₹10 and it will be effective from Thursday. (HT PHOTO)

“PM @narendramodi has given a great Deepawali gift by announcing a reduction in excise duty on petrol and diesel,” the office of Lt Governor of J&K tweeted from its official account.

“In addition, J&K admin has decided to reduce an additional Rs.7 on petrol & Diesel, thereby reducing the petrol price by ₹12/litre and diesel by Rs.17/litre in UT from today,” it added.

On Wednesday, the BJP government reduced excise duty on petrol and diesel to bring down the prices of the two petroleum products which had been seeing an upward trend.

The relief to consumers came on the eve of Diwali. The finance ministry said that excise duty on petrol will come down by ₹5 and that on diesel by ₹10 and it will be effective from Thursday.

It urged the states “to commensurately reduce” VAT on petrol and diesel to give relief to consumers.