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 Understanding VAT refunds

Government decision slashing VAT on petrol yet to come into effect
June, 14th 2012

Over a fortnight after making an announcement to slash VAT on hiked component of petrol, Delhi government is yet to implement the decision which will bring down the price of the fuel by 92 paisa per litre.

When asked, a top official said government has not been able to effect the cut in VAT due to "procedural delays".

Chief Minister Sheila Dikshit, while presenting the budget in the assembly on May 28, had announced withdrawing the 20 per cent VAT on increased component of petrol to provide some relief to people battered by high inflation.

Price of petrol would come down to Rs 70.24 from current Rs 71.16 per litre when the government effects the cut in VAT on the hiked component.

The relief on account of withdrawal of VAT on hiked component of Rs 6.28 was calculated at Rs 1.26 but as Oil companies slashed prices by Rs 1.68 on June 2, the reduction in VAT on per litre of petrol was revised at 92 paisa per litre.

The price of petrol had come down to Rs 71.16 per litre from Rs 73.18 following the partial rollback.

The Delhi budget in which Dikshit had made the proposal to forego the VAT on hiked component was passed by the assembly on June 4 but officials said the notification effecting the relief could not be issued yet due to procedural reasons.

They said the opinion of the law department has been sought for "clarification" on certain issues relating to the matter

 
 
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