‘Deepawali gift’: Jammu and Kashmir govt slashes VAT on fuel price

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The government of the Union territory of Jammu and Kashmir on Thursday announced a reduction in Value Added Tax (VAT) on petrol and diesel by 7.

“PM @narendramodi has given a great Deepawali gift by announcing a reduction in excise duty on Petrol and Diesel,” the Office of Lieutenant Governor of Jammu and Kashmir 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.

The Centre on Wednesday reduced excise duty on petrol and diesel to bring down the prices of fuel, which had been seeing an upward trend, news agency ANI reported.

The relief to consumers came on the eve of Diwali after the Union finance ministry said that excise duty on petrol will come down by 5 and that on diesel by 10 with effect from Thursday.

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