Punjab government has increased VAT on petrol and diesel price in the state. With this move, announced on June 11, the cost of one litre of petrol in the state will now be Rs 98.65 while diesel prices will be Rs 88.95 per litre.
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VAT or Value Added Tax is a consumption tax that is levied on goods and services at each stage of their production and distribution, up to and including the point of sale. The VAT is ultimately borne by the consumer, but it is collected from businesses at each stage of the supply chain.
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The VAT is collected by the state governments. Businesses that are required to register for VAT must file monthly returns with the state government. The state government then uses the information from these returns to collect the VAT from businesses.
