With this decision, the rate of VAT on Petrol has been reduced from 27.27% (24.79%+10% surcharge) to 15.15% (13.77%+10% surcharge) and on Diesel from 17.57 % (15.93%+10% surcharge) to 10.91% (9.92%+10% surcharge).Taking a dig at the BJP led government at Centre, Channi said that it is really unfortunate on the part of its leadership to slash the prices of petrol and diesel by Rs.5 and Rs.10 per litre respectively w.e.f November 4, 2021 thereby cutting down the excise duty, which adversely impacts the income of all states including Punjab having 42% share in the excise duty collected by Centre.The Chief Minister said after slashing the VAT on petrol and diesel, the new petrol rate in Punjab from tonight would be Rs.95/litre instead of earlier Rs.105/litre.
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