Prices of Petrol & Diesel hiked in Odisha after increase of VAT rate on it by state Govt

Bhubaneswar, 18 June-2014, Pravuprasad Routray: After re-itroduction of VAT by Odisha Government, prices of petrol & diesel hiked. Petrol Rs 71.55, diesel Rs 61.35 in Cuttack, Petrol Rs 71.89, & diesel Rs 61.65 in Bhubaneswar, Rs 71.89 & Rs 61.65 in Sambalpur, Rs 71.55 & Rs 61.35 in Balasore.

Prices of Petrol & Diesel hiked in Odisha after increase of VAT rate on it by state Govt

Prices of Petrol & Diesel hiked in Odisha after increase of VAT rate on it by state Govt

It should be noted that Finance Minister Pradeep Amat yesterday presented Rs 80139.58 crore budget for 2014-15 . The new budget, which is 33% higher than the Rs 60303 crore 2013-14 budget of previous year, Finance minister Pradip Amat who took hours to read out the budget wanted to strike a balance.

Amat’s budget proposed to raise the tax rate on liquor from 20% to 25% and that on petrol and diesel from 18% to 20%. The government estimate is that the increase in tax rates in the two categories will fetch additional revenue of Rs 375 crore per annum.

The tax revision is being mooted in apprehension of a slower recovery of the state’s economy that grew by only 5.6% in 2013-14 as per advanced estimates of the Economic Survey.

(Input Source: orissadiary.com)