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LATEST NEWS UPDATES | CNG gets dearer, petrol cheaper in Delhi

CNG gets dearer, petrol cheaper in Delhi

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published Published on May 29, 2012   modified Modified on May 29, 2012
-The Economic Times
Petrol
Petrol car owners in Delhi will get some relief from the recent steep rise in petrol price after the state government decided not to levy value added tax on the price hike announced by the oil marketing companies on last Wednesday.

Tobacco products will get costlier, court fee will increase and circle rates for property are expected to rise resulting in steeper stamp duty on property transactions. Public transport could become costly after the 5% VAT hike on CNG.

"The price of petrol in Delhi is the lowest among all the metro cities and lower compared to the price in neighboring cities of Haryana and Uttar Pradesh. I have deeply considered the matter and of the view that the citizens of Delhi need to be provided some relief," Chief Minister of Delhi, Sheila Dikshit, said while presenting the state government budget for 2012-13.

Oil companies had increased petrol prices by Rs 6.28 a litre, translating into Rs 7.5/litre rise in the capital after 20% VAT. Petrol will now cost Rs 71.92 per litre in Delhi, lowest among all the metros.

The state government, however, decided to impose a 5% VAT on Compressed Natural Gas (CNG) that will push up cost of public transportation in the city.

The Shiela Dikshit-led Congress government's decision to cut tax on petrol will give a leg up to the union finance ministry as it had appealed to states to reduce taxes on petrol to cushion increase in prices.

While other Congress- ruled states like Uttarakhand and Kerala have already set a precedent by slashing tax rate of petrol to soften the impact on consumers, Finance Minister Pranab Mukherjee is expected to write to other states to follow suit.

The state's VAT collections grew at a moderate rate of 14% in 2011-12, lower than the growth of 21.2% in overall tax collection during the period. The decelerated growth in VAT collections were made up by 65% increase in collection of Stamps and Registration fees, 48% growth in Motor Vehicles Tax and 25% growth in State Excise duty.

The tax target for the current fiscal 2012-13 was pegged at Rs 26,150 crore , 31% above the 2011-12 collection of Rs 19,972 crore. On the expenditure side, social sector services saw the highest increase in allocation. As much as 65% of the total annual plan outlay of 15,000 crore will go to social sector schemes and services, which is up from a share of 59% in the previous fiscal.

While the plan allocation was budgeted at 15000 crore , the non plan allocation was put at Rs 18, 268 crore for 2012-13. For the previous fiscal, plan and non-plan expenditure stood at Rs 13,600 crore and Rs 13,307 crore, respectively.


The Economic Times, 29 May, 2012, http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/cng-gets-dearer-petrol-cheaper-in-delhi/articleshow/13621218.cms


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