New Delhi: The excise duty on petrol has been reduced by Rs 8 per liter and diesel by Rs 6 per liter. This will reduce petrol price by 9 rupees 50 paise per liter and diesel by 7 rupees per liter.
The federal government has ordered a reduction in excise duty on petrol and diesel amid rising global inflation.
On her Twitter page, Union Finance Minister Nirmala Sitharaman said, “The BJP government in Madhya Pradesh has been concerned about the welfare of the middle and poor people since taking office. As a result, the average inflation during the current BJP regime is lower than previous governments.
In this situation, the central government has reduced the excise duty on petrol and diesel. Accordingly, we have reduced the excise duty on petrol by Rs. 8 per liter and on diesel by Rs. 6 per liter. This will reduce petrol prices by 9 rupees and 50 paise per liter and diesel by 7 rupees per liter, ”he said.
Thus, it is estimated that the central government will incur a tax loss of 1 lakh crore rupees per financial year. The announcement comes as petrol and diesel prices have remained unchanged for the past 40 days. Inflation – This decision seems to have been taken to control inflation.
Other announcements by Union Finance Minister Nirmala Sitharaman:
Cooking Gas Cylinder Grant: Under the Pradhan Mantri Ujjwala Yojana scheme of the Central Government, a grant of Rs. 200 per cooking case will be provided to 9 crore beneficiaries. (12 cylinders per year.)
Customs duty reduction: Tariffs on imports of plastics from India are being reduced.
Cement: Import duty on some of the raw materials will be reduced. Some steel products are subject to export tax. In addition, it has been announced to reduce the price of cement and ensure the availability of cement.
Fertilizer subsidy:It has been announced that in addition to the Rs 1.05 lakh crore allocated in this year’s budget, Rs 1.10 crore will be allocated as fertilizer subsidy.
Posting the announcement on her Twitter page, Union Finance Minister Nirmala Sitharaman said, “The BJP government in Madhya Pradesh has been concerned about the welfare of the middle and poor since its inception.”
7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per liter and on Diesel by ₹ 6 per liter.
This will reduce the price of petrol by ₹ 9.5 per liter and of Diesel by ₹ 7 per liter.It will have revenue implication of around ₹ 1 lakh crore / year for the government.
– Nirmala Sitharaman (nsitharaman) May 21, 2022
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