Excise Duty Cut News Today

While it might be more difficult for oil marketing companies to lower pump prices of petrol and diesel, the economist sees a cut in the excise duty as a viable option, particularly given the timing – coinciding with the festive period and ahead of a busy election schedule

The Finance Ministry has exempted domestic airlines running international flights from 11 per cent basic excise duty on ATF or jet fuel bought from oil marketing companies.

The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said.

For now, the outlook remains foreboding and ominous.

The RBI has released the RBI Annual Report 2021-22. 

India may not need additional borrowing, despite forgoing its revenue due to a cut in petrol & diesel, and relaxations on import duty for certain edible oils, a government source said on the basis of anonymity.

"The revenue collection through VAT (which is levied on ad valorem basis) will also dip automatically. State officials have informed me that we will suffer a loss of around Rs 500 crore (annually),” the CM said. 📰 Chhattisgarh to Suffer Rs 500 Crore Loss Due to Centres Excise Duty Cut on Petrol & Diesel, Says CM Bhupesh Baghel.

Fuel Prices Cut: Senior Congress leader P Chidambaram today said 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.

Petrol, Diesel Prices Today: Fuel prices came down after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol and diesel

Tamil Nadu's finance minister criticised the excise duty cut announcement. He said that the centre did not ask states before hiking fuel prices, then why exhort them now to cut VAT.