India cuts excise duty by Rs 8 on petrol, Rs 6 on diesel to tame inflation

KATHMANDU: The Centre on Saturday slashed excise duty by Rs 8 on petrol and Rs 6 on diesel to bring down fuel prices and ease inflation by reducing transportation charges for the Aam-Aadmi’s daily staples.

The government also announced a Rs 200 subsidy on LPG for consumers who were given connection free of cost under the Ujjwala programme, one of the Narendra Modi government’s flagship social welfare schemes launched in 2016.

The Centre will be foregoing Rs 1 lakh crore in tax revenue in the current financial year as a result of the excise duty cut. The subsidy for Ujjwala consumers will entail an expenditure of Rs 6,100 crore, Finance Minister Nirmala Sitharaman said while announcing the decisions.

News Source: Times of India

Fiscal Nepal |
Monday May 23, 2022, 11:17:31 AM |

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