Centre Cuts Excise Duty On Petrol, Diesel
- 21-May-2022
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To bring down the fuel prices, the Centre on Saturday reduced the Central excise duty on petrol by Rs 8 per litre and that on diesel by Rs 6 per litre. ‘We are reducing the Central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre,’ says Union Minister of Finance Minister Nirmala Sitharaman. She also points out that it will have revenue implication of around Rs 1 lakh crore per year for the government.
She also appealed the state governments to implement a similar cut.
Again, subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will have a revenue implication of around ₹ 6100 crore a year.
In addition to the fertilizer subsidy of Rs 1.05 lakh crore in the budget, an amount of Rs 1.10 lakh crore to be provided to further cushion the farmers.
Reduction of customs duty on raw materials and intermediaries for plastic products where India’s import dependence is high. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied. This will result in reduction of cost of final products.
Measures to improve availability of cement and through better logistics to reduce the cost of cement.
