Reduction of VAT on CNG/LNG proposed by Kerala Govt in Kerala Budget 2021
Kerala Finance Minister Thomas presented the Kerala Budget 2021 has proposed to reduce the Value Added Tax ( VAT ) on CNG/LNG to 5%. The present VAT on CNG/LNG is 14.5%.
As per Finance Minister, it is understood that this high tax rate is an impediment for attracting new investments and for the development of public sector undertakings like FACT and BPCL. Hence the tax rate of LNG/CNG will be reduced to 5% at par with Tamil Nadu.
This tax concession will be beneficial to the City Gas projects and domestic consumers. A revenue loss of Rs. 166 Cr. is expected.
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