Kerala to cut taxes on petrol, diesel to reduce retail prices

NEW DELHI: Kerala will cut taxes on gasoline and gasoil to reduce retail fuel prices by 1 rupee/litre from June 1, Finance Minister Thomas Issac said.Kerala's move could put pressure on other states, mostly ruled by Prime Minister Narendra Modi's Bharatiya Janata Party, to reduce taxes.Communist party-ruled Kerala is the first state in the country that has decided to take a hit on its revenue to mitigate the impact of higher global prices on customers.Issac said his government will calibrate tax rates in such a manner that retail fuel prices will be reduced by 1 rupee/litre from June 1.Indian state refiners on Wednesday announced a marginal cut in retail prices of the two fuels.

from The Economic Times https://ift.tt/2LIjc2y