Stay updated with breaking news from Excise Duty Cut. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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.