KOHIMA: The Governor of Nagaland has announced the decision of revising the tax rates on petroleum products, informing that the changes will come into effect from midnight of June 30, 2024.
This amendment has been exercised under the powers conferred by sub-section 3 of section 3A of the Nagaland (Sales of Petroleum and Petroleum Products including Motor Spirit and Lubricants) Taxation Act, 1967.
This move is aimed at adjusting the rates prescribed under Entry Serial Number 3 and 4 of Schedule II of the Act.
The taxation for Diesel has been raised from 25% or Rs. 16.04 per litre to 21.75% or Rs. 16.94 per litre.
As far as Petrol & Other Motor Spirit is concerned, the tax rate has been revised from 25% or Rs. 16.04 per litre to 21.75% or Rs. 16.94 per litre.
The notification also revokes previous notifications regarding surcharge, road maintenance cess, and rebates on diesel and petrol dated November 16, 2004, February 14, 2020, and November 4, 2021, respectively.
Meanwhile, in the run-up to the Lok Sabha election, people had been complaining about the hike in the price of essential commodities, which was already burning a hole in their pockets.
Recently, the Assam Finance (Taxation) Department issued a notification announcing a hike in the value-added tax on petrol and diesel. After the notification came into effect on June 5, the prices of petrol and diesel in the state were hiked by one rupee or more.
On Thursday (June 6), the price of normal petrol from Indian Oil in Guwahati stood at Rs 97.14 per litre. Before the increase in VAT, the price stood at Rs. 96.13 per litre. The price, therefore, increased by Rs. 1.01.
Similarly, the price of premium petrol was hiked by Rs 1.20 per litre. As of date, the price of one litre of premium petrol in Guwahati is Rs 103.94. Until June 4, it was Rs 102.72 per litre.
The price of diesel in Guwahati stood at Rs 89.38 per litre. This marked an increase of Rs 1 over the price prior to the increase in VAT amount. The price earlier was Rs. 88.38 per litre.
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