Excise Duty Cuts

The judge, in the order, clarified the matter would be taken up for final disposal on April 3 and no adjournment shall be granted

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

Windfall tax: The additional excise duty on ATF has been cut to Rs 1.5 per litre from Rs 6 per litre earlier

Changes in import duty and a windfall tax on fuel exports will not only offset duty cuts on fuels but will also increase overall tax collection over budget target to Rs 20.70 trillion, a report said

India's latest measures aimed at boosting domestic oil supplies could reduce its diesel and gasoline exports in the second half of the year

India has expanded the excise duty exemption for biofuels to encourage the blending of higher proportions of ethanol and components of vegetable oil with gasoline and diesel, a government order said.

Customers pay less after six months for but transport companies feel the pinch of inflation.

The tax reduction on petrol and diesel will lead to revenue loss of around Rs 1 lakh crore per year for the government

According to the current chart structures, shares of OMCs needs to hold their relevant support levels to stay afloat.

TMC on Saturday said the Centre's decision to slash fuel prices is an attempt to "fool the people" as it had increased the prices by leaps and bounds in the last few months

Maharashtra CM Uddhav Thackeray said the Central government's reduction of excise duty on petrol and diesel was not enough and demanded that it be brought down further

The Congress on Saturday accused Finance Minister Nirmala Sitharaman of "befooling'' people after she announced an excise duty cut on petrol and diesel and said people needed relief

Uttar Pradesh Chief Minister Yogi Adityanath on Saturday thanked Prime Minister Narendra Modi for the cut in excise duty on petrol and diesel.

The government has room to cut excise duty on petrol and diesel by up to Rs 8.5 per litre without impacting its target for revenue from the tax on the two fuels, analysts said. Petrol and diesel prices hover at a historic high following a relentless increase in rates over the past nine months. There have been calls by opposition parties as well as sections of society to the government to reduce excise duty to ease consumer pain. "We estimate excise duty on auto fuels in FY22 (April 2021 to March 2022), if it is not cut, at Rs 4.35 lakh crore versus budget estimate of Rs 3.2 lakh crore. "Thus, even if excise duty is cut by Rs 8.5 per litre on or before April 1, 2021, FY22E budget estimate can be met," ICICI Securities said in a note. It expressed optimism for an excise duty cut given demand recovery, impending privatisation and inflation concerns but expected it to be more modest than Rs 8.5 a litre. Excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between M

The finance ministry has ruled out excise duty cuts in petrol and diesel, given the Centre's need for money. "We are not even thinking about it. The finances do not allow us to cut the rates," a senior ministry official said. Over half of total excise duty collection comes from petrol and diesel. The Centre's fiscal deficit touched 92 per cent of the full-year Budget estimate after the first four months of the financial year, compared to 74 per cent in the same period last year. This was mainly due to front-loading of expenditure. State Bank of India group chief economist Soumya Kanti Ghosh said a one per cent cut in excise duties on petrol and diesel would affect the Centre's revenue by Rs 13,000-15,000 crore. This means up to 2.7 per cent of the budgeted fiscal deficit, at Rs 5.46 lakh crore. At a time when the target of reining in the deficit at the aimed 3.2 per cent of gross domestic product (GDP) is already a challenge. Expenditure could be cut to meet this target but that ...