J-K slashes VAT on petrol, diesel

Jammu and Kashmir administration on Thursday announced a reduction in Value Added Tax (VAT) on petrol and diesel by Rs 7.

"PM @narendramodi has given a great Deepawali gift by announcing a reduction in excise duty on Petrol&Diesel," the Office of Lt. Governor of J&K tweeted from its official account.

"In addition, J-K admin has decided to reduce an additional Rs.7 on Petrol&Diesel, thereby reducing the Petrol price by Rs.12/litre and Diesel by Rs.17/litre in UT from today," it added.

In a significant decision, the Centre on Wednesday reduced excise duty on petrol and diesel to bring down the prices of the two petroleum products which had been seeing an upward trend.

The relief to consumers came on the eve of Diwali. The Finance Ministry said that excise duty on petrol will come down by Rs 5 and that on diesel by Rs 10 and it will be effective from Thursday.

It urged the states "to commensurately reduce" VAT on petrol and diesel to give relief to consumers.

( With inputs from ANI )

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