Fuel price
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The Meghalaya government has decided to cut in value-added tax (VAT) charged on petrol and diesel by Rs 5.20 per litre each.

The decision was taken on Friday two days after the Centre announced a reduction in excise duty on petrol and diesel by Rs 5 and Rs 10, respectively.

The step was taken in a state government’s Cabinet meeting.

Meghalaya Deputy Chief Minister Prestone Tynsong said the state government had already slashed VAT on petrol from 31.62 per cent or Rs 17.60 per litre to 20 per cent, and from 22.59 per cent or Rs 12.50 per litre to 12 per cent on diesel in February 2021.

Tynsong said that following the decision to cuts its share of taxes on fuel, the state will incur a revenue loss of about Rs 100 crore for the next five months from November to March 31, 2022.

“Right now the government has taken serious note of this and discussion is going on with the Indian Oil Corporation Ltd (IOCL) and once we have our depot, we will roughly benefit by another 1.5 to 2 per cent,” he added.

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