Page 2 - Additional Excise Duty News Today

Congress leader P Chidambaram took to Twitter to ask if states can afford to give up VAT revenue as the government appealed to cut fuel prices.

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After taking a critical view of the central governments request to the states to cut taxes on petrol and diesel, former Union Finance Minister P Chidambaram on Sunday said the facts about the states share of tax reduction are contrary to what he had said previously as the entire burden of the duty cut would fall on the centre.

Senior Congress leader P Chidambaram on Sunday wondered whether the states can afford to give up revenue from VAT on petrol and diesel unless the Centre devolves more funds or gives them more grants, likening their situation to being between “the devil and the deep sea”.

Union Finance Minister Nirmala Sitharaman on Sunday clarified that the entire cost of the reduction in excise duty on petrol and diesel is borne by the central government and the states revenue wont be impacted by the move.

The duty reduction made in November 2021 has an implication of Rs 1,20,000 crore a year for Centre.

New farm cess won’t pinch your pocket February 01, 2021 To get additional resources for the farm sector, the Budget has proposed Agriculture Infrastructure and Development Cess (AIDC) on over a dozen items, including gold-silver, alcoholic beverages and petrol-diesel. However, the consumer will not have to pay more for any of these items. “There is an immediate need to improve agricultural infrastructure to produce more, while also conserving and processing agricultural output efficiently. ...