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Maharashtra cuts VAT on petrol, diesel; calls it 'Diwali gift'

Press Trust of India  |  Mumbai 

Petrol will be cheaper by Rs 2 and diesel by Re 1 per litre across from midnight today after the state reduced the value-added (VAT) on the fuels.

Making the announcement about VAT reduction on petrol and diesel today, Minister termed it as a "gift" to people of the state.

The revised rates will be applicable from midnight today, he said.

"The chief minister has approved a proposal to reduce the VAT on petrol and diesel by Rs 2 and Re 1 a litre, respectively. This is our gift to the masses," Mungantiwar told PTI.

He said the decision will cause an annual loss of Rs 2,000 crore to the state exchequer.

"The is ready to bear the additional financial burden despite Maharashtra's economy not being in a good shape," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 16:32 IST