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Telangana govt goes laughing all the way to the bank
Steep hike in the prices of petrol and diesel has come as a ‘blessing in disguise’ for the Telangana government. The government, which has been struggling hard for funds to meet the growing financial needs under various schemes, will get nearly Rs 100 crore additional revenue through VAT on the increased prices of fuel.
Hyderabad: Steep hike in the prices of petrol and diesel has come as a ‘blessing in disguise’ for the Telangana government. The government, which has been struggling hard for funds to meet the growing financial needs under various schemes, will get nearly Rs 100 crore additional revenue through VAT on the increased prices of fuel.
Diesel price has been increased to Rs 70 from Rs 68 and petrol prices have gone up from Rs 76 to Rs 78.50 overnight. It was highest ever increase in the fuel prices in the recent years. Officials of the State Commercial Taxes department told The Hans India that Telangana was one of the states which collect highest VAT on petrol and diesel in the country.
It collects Rs 35.2 per cent VAT on petrol and 27 per cent on diesel. The sudden jump in the fuel prices by Rs 2 per litre will help the government collect more VAT in proportionate to the increased prices, officials said, adding that the state was earning nearly Rs 1,000 crore through VAT on fuel prices.
The gradual hike for the last two months and the sudden spike in fuel prices helped the government earn more revenues. If the hiked prices are constant for a month time, the government will earn Rs 100 crore additionally, officials said.
