Andhra Pradesh announced 2 rupees cut in VAT on fuels
The Andhra Pradesh government has announced a 2 rupees cut in VAT on petrol and diesel to check the mounting prices of the fuels.
Chief Minister N Chandrababu Naidu announced the reduction in Value Added Tax in the state assembly on 10th September, 18.
The state government was currently levying 4 rupees per litre VAT on petrol and diesel.
The state would have to forego a revenue of 1,120 crore rupees due to the measure.
A day before the opposition-sponsored Bharat Bandh against rising fuel prices, Rajasthan had slashed the VAT on petrol and diesel.
Day before, Chief Minister Vasundhara Raje announced a 4 per cent reduction which brought the prices of the two commodities down by 2.5 rupees per litre.
N Chandrababu Naidu
Nara Chandrababu Naidu (born 20 April 1950) is an Indian politician who has been Chief Minister of Andhra Pradesh since 2014.
He is the first chief minister of the state since it was divided.
Previously he served as Chief Minister of United Andhra Pradesh from 1994 to 2004.
He is currently the National President of Telugu Desam Party.
A value-added tax (VAT), known in some countries as a goods and services tax (GST).
It is a type of tax that is assessed incrementally, based on the increase in value of a product or service at each stage of production or distribution.
Not all localities require VAT to be charged and goods and services for export may be exempted (duty free).