Manipur, March 2 -- The state government needs to revisit the revision of the VAT expeditiously so that the procedures laid down in the law is strictly followed.

About a decade ago, crude oil prices constituted two-thirds of the retail petrol price. But now it constitute only about one-third, the rest being collected as taxes by the Central and state governments. The price of petrol consists of four constituents; oil price, Central taxes, Dealer commission and State VAT. When the retail price of petrol is Rs. 90.61 in Manipur, the value of the oil or base price is Rs. 29.71, the Central Excise Duty at Rs 32.98, the dealer commission is Rs. 3.69 and the balance of Rs. 24.23 is State VAT. Manipur at 36.5% VAT has one of the highest rates i...