Live
- Chanchalguda Jail Officials Say They Haven't Received Bail Papers Yet, Allu Arjun May Stay in Jail Tonight
- BJP leaders present evidence of illegal voters in Delhi, urge EC for swift action
- Exams will not be cancelled: BPSC chairman
- Nagesh Trophy: Karnataka, T.N win in Group A; Bihar, Rajasthan triumph in Group B
- YS Jagan condemns the arrest of Allu Arjun
- Economic and digital corridors to maritime connectivity, India and Italy building vision for future, says Italian Ambassador
- SMAT 2024: Patidar's heroics guide Madhya Pradesh to final after 13 years
- CCPA issues notices to 17 entities for violating direct selling rules
- Mamata expresses satisfaction over speedy conviction in minor girl rape-murder case
- Transparent Survey Process for Indiramma Housing Scheme Directed by District Collector
Excise duty on petrol, diesel cut by 2/L
The Union government has slashed the excise duty on petrol and diesel by Rs 2 per litre . The new rate will come into effect from midnight. \"Govt of India has reduced Basic Excise Duty rate on Petrol & Diesel (both branded and unbranded) by Rs 2 per litre from October 4,\" the Finance ministry said in a tweet on Tuesday. This has been done to cushion the impact of rising international prices of
New Delhi: The Union government has slashed the excise duty on petrol and diesel by Rs 2 per litre . The new rate will come into effect from midnight. "Govt of India has reduced Basic Excise Duty rate on Petrol & Diesel (both branded and unbranded) by Rs 2 per litre from October 4," the Finance ministry said in a tweet on Tuesday. This has been done to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on their retail sale prices, it added.
The ministry said the exchequer will bear a revenue loss Rs 26,000 crore as a result of this reduction in excise duty. But the decision was taken to safeguard the "interest of common man".
"Revenue loss on account of these reductions in excise duty is about Rs 26,000 crore in full year and Rs13,000 crore in remaining part of Current FY. This decision has also been taken by the Government of India in order to protect the interest of common man," the finance ministry said.
The move comes at a time when the retail selling price of petrol has crossed Rs 70 in most states, while the price of diesel is close to Rs 60.
Crude oil prices have jumped nearly 12 per cent between September 1 to 25 to reach $59 a barrel before slipping to $56 on Monday. Consumers have to pay a fuel price that is linked to international rates and topped with heavy central and state taxes. Prices are revised daily and are the average of the preceding 15 days' international rates.
The government has also been facing increasing pressure to bring petroleum products under the ambit of the Goods and Services Tax (GST).
While there is no legal hurdle to including petrol and diesel under GST as the GST Council has already listed them under the new tax regime, the Centre and states appear reluctant to do so, given that taxation of petroleum products is a major source of revenue.
