Excise duty hike on petrol, diesel to add Rs 43,000 cr to govt revenue

The government on Saturday greater taxes on petrol and diesel by Rs three for every litre just about every, a go that could fetch it an added earnings of all over Rs forty three,000 crore in a yr.

While exclusive excise responsibility was hiked by Rs two, road cess was greater by Rs 1 for every litre on the fuels, according to a notification issued by the Central Board of Oblique Taxes and Customs (CBIC).

Right after the hottest hike, the excise responsibility on petrol has absent up to Rs 22.98 a litre from Rs 19.98, and that on diesel to Rs 18.eighty three from Rs fifteen.eighty three a litre. The final decision to elevate the obligations was taken in check out of the limited fiscal scenario and the the latest drop in crude oil prices, sources stated.

The go, on the other hand, will not assistance the government significantly

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