Removing the entry tax would lower prices by nearly Rs 3 per litre on the existing Rs 66.90 per litre on petrol and Rs 58.04 on diesel.
Income Tax department has issued new tax returns forms.
Hyderabad: The Telangana state government is yet to abolish the entry tax on petroleum and pass on the benefit to consumers as mandated under the new Goods & Services Tax.
Only Karnataka was quick to abolish entry tax which resulted in fall in petrol and diesel prices by nearly Rs 3 per litre from July 1. The Centre has exempted petroleum products from GST and allowed the state tax to stand. But this is applicable for only VAT collection and not other taxes like entry tax.
Removing the entry tax would lower prices by nearly Rs 3 per litre on the existing Rs 66.90 per litre on petrol and Rs 58.04 on diesel.
( Source : Deccan Chronicle. )
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