Yumnam Joykumar: Govt to consider review of Value Added Tax (VAT) on petroleum products

Manipur Deputy Chief Minister (in-charge Finance), Yumnam Joykumar stated in the Manipur Legislative Assembly session on Thursday that the government will consider suggestions to review Value Added Tax (VAT) on petroleum products. He also informed the house that the existing VAT (Value Added Tax) levied on petroleum products in the State is comparatively similar to other North Eastern States. Y. Joykumar further stated that the increments/revisions in VAT on petroleum products like petrol and diesel since 2017 have been taken up three times on October 4, 2018, on October 22, 2019 and on May 6, 2020.

The Finance minister then said that the public notice was issued by the government for the increments/revisions on October 22, 2019. He also said that for the other two cases i.e. October 4, 2018 and May 6, 2020 the fourteen (14) days public notice was not issued.

Explaining the reason for the non issuance of the fourteen (14) days public notice of the increments/revisions in the mentioned two cases, he said that the increments/revision of October 4, 2018, the VAT rate of petrol was reduced from 25% to 21.2% and that of Diesel from 14.5% to 10.6%. The fourteen (14) days public notice was not issued as the government had decided to transfer the benefit of tax decrease in petrol and diesel immediately to the consumer. Further, he clarified that the non issuance of the fourteen (14) days public notice for May 6, 2020 was due to the urgent need for additional resources to meet the high expenses incurred due to COVID – 19 pandemic. During the time of unprecedented emergency there was a sharp decline in both GST and VAT collection. On the other hand, there was an urgent requirement of huge resources to combat the pandemic, he added.

Meanwhile, the Manipur Legislative Assembly on Thursday adopted that the time appointed for the presentation of the Report of Select Committee on the Manipur Liquor Prohibition (Second Amendment) Bill, 2018 (Bill No.9 of 2018) be extended for a period of three months. The House also adopted that the time appointed for the presentation of the Report of the Enquiry Committee, Manipur Legislative Assembly constituted to enquire into the fraudulent withdrawal of money in the Department of Tribal Affairs and Hills Development to be extended for a period of three months.  

- Advertisement -

Advertisement

For more such stories, follow us on Facebook, Twitter, and Instagram. Download our Android App. Subscribe to our Website Notifications to stay updated.

Also Read

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisement
Kasar Property Ad

Connect With Us

8,547FansLike
238FollowersFollow

Latest