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Hike in petrol, diesel sales in AP after TS revises VAT
At the end of the financial year, the sales of petrol and diesel in Andhra Pradesh have picked up after a slump. After the hike of petrol and diesel prices by Rs 4 per litre in the month of February, the sales had fallen. However, after the Telangana government revised the VAT on petrol and diesel, the sales in AP rose by 91 lakh litres of petrol and 3.26 crore litres of diesel.
Hyderabad: At the end of the financial year, the sales of petrol and diesel in Andhra Pradesh have picked up after a slump. After the hike of petrol and diesel prices by Rs 4 per litre in the month of February, the sales had fallen. However, after the Telangana government revised the VAT on petrol and diesel, the sales in AP rose by 91 lakh litres of petrol and 3.26 crore litres of diesel.
According to AP commercial tax department officials in March the VAT on petrol in AP was 31%+ Rs 4 and in Telangana state was 35.2 % per litre. On diesel the VAT in AP was 22.25% + Rs 4 and in Telangana state was 27% per litre. The revenue earned by the AP government in July 2014 was Rs 147 crore from petrol and Rs 404 crore from diesel sales and total revenue was Rs 551 crore. The revenue on the same in January 2015 was Rs 126 crore from petrol and Rs 301 crore from diesel and total revenue was Rs 427 crore.
The officials said, the loss of revenue was due to decrease in oil prices from July 2014 to January 2015. In July 2014 in AP the cost of litre petrol was Rs 79.12 and the litre diesel was Rs 62.16. The cost of one litre petrol was Rs 60.63 and diesel was Rs 49.29. The revenue in July 2014 from petrol was Rs 147 crore and in the month of February 2015 was Rs 158 crore. The revenue from petrol in July 2014 was Rs 404 crore and in February 2015 Rs 401 crore after the revision of tax. In Andhra Pradesh in July 2014 the sales of petrol was 8.2 crore litres and the diesel was 35.5 crore litres.
