Jharkhand Government Revises VAT Rates to Boost Investment

The Jharkhand government has increased VAT on aviation turbine fuel from four to 12 percent while reducing VAT on bulk purchases of high-speed diesel for mining to 15 percent. Chief Minister Hemant Soren will lead a delegation to Spain and Sweden to attract investors. The state cabinet has approved the related expenses.

The Jharkhand cabinet has announced a significant increase in the value-added tax (VAT) on aviation turbine fuel, raising it from an existing four percent to 12 percent. The move comes as part of a broader effort to balance fiscal revenues.

In stark contrast, the VAT on bulk high-speed diesel purchases for mining and industrial sectors has been reduced to 15 percent, down from 22 percent. This decision is aimed at supporting Industrial activities, said officials from the state government.

A strategic delegation, led by Chief Minister Hemant Soren, will soon embark on visits to Spain and Sweden. The aim is to foster industrial investment in Jharkhand, and the cabinet has sanctioned the expenses for this endeavor.

(With inputs from agencies.)