The government is constantly considering reducing excise duty on petrol and diesel (Petrol Diesel Price).
Petrol Diesel Price cut latest news: The common man can get relief from petrol and diesel prices very soon. Central Board of Indirect Tax and Customs (CBIC) chairman M. Ajit Kumar said that the government is constantly considering reducing excise duty on petrol and diesel (Petrol Diesel Price).
Learn, what did the CBIC Chief say in the details?
Direct tax collection on record excise duty on petrol and diesel was up 59 percent year-on-year in the financial year 2020-21 ended March 31. In a video call with reporters to give information about the tax figures, he said, “We hope that Revenue will be good in the coming months. As far as the reduction in fuel prices is concerned, the government is constantly monitoring this matter and I am confident that whenever the time comes, a decision will be taken in this regard.
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Let us know that due to higher excise duty on fuel, petrol prices have reached Rs 100 per liter in many cities of India. So far, the government has increased excise duty 13 times. Excise duty on petrol and diesel was last increased in May 2020. Explain that excise duty is levied by the Central Government. The central government is currently charging an excise duty of Rs 32.90 on petrol and Rs 31.38 per liter on diesel.
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Central and state governments charge tax
The base price of petrol is currently around Rs 33 and the base price of diesel is around Rs 34. On this, the central government is charging excise duty of 33 rupees. After this the state governments collect VAT and cess on their own according to this, after which their price has increased up to 3 times from the base price.