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FTAPCCI demands revision of VAT on petrol and diesel
Seeing the disparity on the VAT on Petrol Diesel in the State of Telangana when compared to the neighboring states, the Federation of Telangana Andhra Pradesh Chambers of Commerce Industry FTAPCCI has urged the State Government to rationalise the VAT on Petrol and Diesel and make it on par with neighboring states
Hyderabad: Seeing the disparity on the VAT on Petrol & Diesel in the State of Telangana when compared to the neighboring states, the Federation of Telangana & Andhra Pradesh Chambers of Commerce & Industry (FTAPCCI) has urged the State Government to rationalise the VAT on Petrol and Diesel and make it on par with neighboring states.
The State of Telangana collects 35.20% on petrol and 28% on Diesel. The same petro products are being sold at a lesser rate in adjoining states: petrol- Rs 7/- less in Karnataka; Rs. 2/- less in A.P.; Rs. 3/- less in T.N. Diesel is less in Maharashtra by Rs 3/- and in Karnataka by Rs.5/-. The stark inconsistencies in the VAT on petrol products in the State of Telangana are resulting in Trade diversion in Border areas of Telangana and also loss of revenue to the exchequer.
The total tax collections from VAT on petro products and the GST was Rs. 3,381/- crore in the second month of financial year 2018-19. Constant hike in fuel prices there was an additional income of Rs. 100 crores in petrol when compared from May 2017 to May 2018. Considering the highest rate of growth of VAT Revenue in our State and the ever increasing tax compliance by the businesses, FTAPCCI humbly urges the State Government not to curtail the revenue losses that occur as an aftermath and to reduce the VAT on Petrol and Diesel by 4 to 5 %, resulting in a reduction in price by Rs. 4/- per liter.
