Finance
The Central government announced a reduction in excise duty on fuel today, providing relief to consumers from rising inflation and increases in essential commodities.
Union Finance Minister Nirmala Sitharaman announced the government’s decision, saying the Central Excise Duty on petrol will be reduced by Rs 8 per litre and on diesel by Rs 6 per litre.
According to Sitharaman, the decision will reduce the price of petrol by Rs 9.5 per litre and diesel by Rs 7 per litre.
She said it would cost the government around Rs 1 lakh crore per year in revenue.
In addition, the government has announced a Rs 200 subsidy per cooking gas cylinder for this year.
Consumers can get the subsidy on up to 12 cooking gas cylinders, she said, adding that the decision will generate around Rs 6,100 crore in revenue per year.
The decision will benefit over nine crore Pradhan Mantri Ujjwala Yojana beneficiaries.
“We are also reducing the customs duty on raw materials and intermediaries for plastic products where our import dependence is high. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied,” the Union Finance Minister added.
Source:Web
