Jamshedpur: In a significant development for industrial and mining sectors in Jharkhand, the state government has approved a proposal to reduce the VAT rate on bulk purchases of High-Speed Diesel (HSD) by registered taxable persons/dealers.
The VAT, which was previously charged at 22% or ₹12.50 per litre (whichever was higher), has now been revised to a flat rate of 15%.
This decision was approved in the recent cabinet meeting.
The Singhbhum Chamber of Commerce and Industry has welcomed the move. President Vijay Anand Moonka and honorary general secretary Manav Kedia praised the government’s decision, calling it a progressive step that will accelerate industrial and commercial growth in the state.
Manav Kedia stated that the trade body had earlier drawn the government’s attention to the need for VAT reduction on diesel for industries, mining, and works contracts through official correspondence.
Acting on this appeal, the government has approved the reduction for industries and mining but has not made any changes for the works contract segment.
Advocate Rajeev Agrawal, vice – president of the Chamber, also welcomed the government’s decision but expressed disappointment over the exclusion of works contracts. He emphasized that the Chamber would continue to pursue the issue and advocate for a similar VAT reduction on diesel used in works contracts.
The Chamber reiterated its commitment to supporting economic growth and development in Jharkhand by pushing for policy reforms that benefit the business community.
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