CHANDIGARH, NOV 25
The Haryana Cabinet, which met under the chairmanship of Chief Minister Mr. Manohar Lal here today, revised the rate of Value Added Tax (VAT) on diesel from 9.24 per cent to 12.07 per cent. Even after increase in the rate of VAT on diesel, it would be less as compared to neighbouring states of Punjab, Delhi, Rajashtan and Uttar Pradesh. After the increase in VAT, the retail sale price of diesel with revised tax rate would come around Rs. 53.19 per litre which is still lower by Rs.4.13 as compare to the price on October 1, 2014.
There is average sale of around five lakh KL of diesel per month. Due to decrease in retail price of diesel, the state is losing about 47 paise per litre since October 1, 2014 which comes to about Rs.23.50 crore per month. To compensate this recurring loss, state has approved hike in VAT as per which additional revenue of about Rs.737 crore per year would be generated.
The Cabinet also approved the Haryana Value Added Tax (Third amendment) ordinance 2014 for amending section 59 and 60 of Haryana Value Added Tax act 2003 as per which State Government is satisfied with the circumstances which render it necessary to take immediate action for reasons to be recorded in writing, dispense with the condition of previous notice.
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