LOCKDOWN PERIOD AND PETROL-DIESEL PRICES IS AT HIGHEST PEAK IN CHANDIGARH


Lockdown Period and Petrol -Diesel prices is at highest peak in chandigarh.

During the Lockdown ,Government has imposed a tax named VAT i.e (Value added tax) on petrol and as well as on diesel.

Driving vehicles in Chandigarh has become more expensive when UT administration announced the rate list of both diesel and as well as of petrol.Petrol and diesel prices rise in Chandigarh but it is still cheaper than the price rates of Punjab.


Did you know What is VAT?

VAT:- A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.

The VAT has been increased to 22.45% from 17.45% on petrol and to 14.02% from 9.02% on diesel with the new prices effective from the intervening night of Wednesday and Thursday.

Let's Check how much VAT has imposed by government on both petrol and diesel.

Chandigarh administration's decision to hike VAT on the two fuel closely follows similar decisions taken by Haryana, Delhi, Uttar Pradesh and several states in the north-eastern parts of the country. With revenue generation suffering due to the ongoing national lockdown to check the spread of Covid-19, state governments are hoping for a boost through revenue from fuel sales even if the demand is muted currently.

Global crude prices crashed to record lows in April and remain considerably low even currently. It, however, has not resulted in fuel prices coming down in India even if oil companies have created a buffer stock. While some have highlighted how market-driven pricing policy has been ignored in recent weeks, others argue that states will have to find ways of recovering revenue in the current times. The possibility of bringing fuel prices under GST too is extremely unlikely in the near future.

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