Rajasthan Budget 2021: Rajasthan Govt. proposes 5% VAT on Petroleum Crude [Read Notification]

Rajasthan Budget 2021 - Rajasthan Govt - VAT on Petroleum Crude - Taxscan

The Rajasthan Government while proposing Rajasthan Budget 2021 notified the 5% VAT on Petroleum Crude.

The State Government being of the opinion that it is expedient in the public interest, inserted Petroleum Crude in the Schedule VI appended to the Rajasthan Value Added Tax Act, 2003 Act.

The prices of petrol and diesel are broadly determined by crude oil and forex rates. However, the retail rates vary from state to state due to local sales tax or VAT.

The Rajasthan Government reduced the Value-added tax (VAT) on diesel and petrol by 2% each. Now, 36% VAT will be applicable on petrol and 26% on diesel.

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