(Image source from: Indianexpress.com)
Excise Duty On Petrol And Diesel Increased:- The Indian government of India hiked the excise duty on petrol and diesel to gain Rs 1.6 lakh crore additional revenue after there has been a huge slump in the international oil prices. The excise duty on petrol has been increased by Rs 10 per litre and on diesel, it is increased by Rs 13 per litre. The retail prices of petrol and diesel will not be impacted by the changes in the taxes as the state-owned firms will have to adjust them against the recent fall in the prices of oil said the industry officials. Central Board of Indirect Taxes and Customs issued a notification on the special additional excise duty on petrol is increased by Rs 2 and the road cess got hiked by Rs 8 per litre.
For diesel, the special duty is hiked by Rs 5 per litre and the road cess is hiked by Rs 8 per litre. The excise duty on petrol reached Rs 32.98 per litre and for diesel, it reached Rs 31.83. When Narendra Modi took charge, the charges on petrol was Rs 9.48 per litre and on diesel, it was Rs 3.56 per litre. The excise duty on petrol and diesel have been increased nine times between November 2014 and January 2016. The Centre took this step so as to raise the revenue in this coronavirus crisis. This is to help the Centre generate resources to meet the expenses to fight coronavirus in the country.
(Video Source: NTV Telugu)