Lowered VAT on fuels causes Goa Rs 8.40 cr loss

Panaji, July 24 (UNI) The Goa government had incurred a net loss of Rs.8.40 crores following reduction of Value Added Tax on petrol and diesel from 25 per cent to 22 per cent and from 23 per cent to 21 per cent respectively with effect from June 18 this year.

Replying to an unstarred question of the Opposition leader Manohar Parrikar(BJP) tabled in the state legislative Assembly today, Chief Minister Pratapsinh Rane said the notification to this decision was published in the official gazette one day before.

The financial impact as a result of reduction was actually Rs 25.75 crores. Taking the Rs.17.35 crore tax collection on the increased price, the net estimated loss of revenue stood at Rs.8.40 crores, he added.

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