 Online edition of India's National Newspaper Sunday, Feb 01, 2009 ePaper | Mobile/PDA Version |
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Karnataka
PANAJI: For the people of Goa, the latest reduction in rates actually proved costly as the State Finance Department took the opportunity on Friday to restore the sob of 2 per cent on petrol and diesel and 4 per cent on LPG in the wake of a steep rise in prices of the products in June 2008. For the tiny State, the value added tax from all the three products contributes substantially to its annual revenue from indirect taxes. Justifying the Government’s decision to restore the tax on petrol, diesel and LPG to 22, 21 and 4 per cent respectively, Commissioner for Commercial Taxes Vallabh Kamat said here on Friday that the Department had calculated a loss of around Rs. 27 crore till March 2009 on account of the sops given in June last year. But on the two consecutive reductions in December and more recent being last week, the Department realised that its collection from these major items could witness a major dent.
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