Jammu and Kashmir Government on Friday revised the surcharge on sale of Motor Spirit (Petrol) and Diesel Oil.
A notification issued by FC Finance Department in this regard reads “In exercise of the powers conferred by Section 3 and 3 A of the Jammu and Kashmir Motor Spirit and Diesel Oil (Taxation of Sale) Act Samvat 2005 and in supersession of all the previous notifications on the subject, the Government hereby direct that tax and surcharge on sale of Motor Spirit (Petrol) and Diesel Oil shall be levied at the rate of 24% minus Rs 0.50/ litre and Rs 5 per Litre surcharge (Motor Spirit-Petrol) and 16% rate of Tax and Surcharge of Rs. 1.5 per litre (Diesel Oil), respectively.