SME Times is powered by   
Search News
Just in:   • 'Enhanced cooperation between India, B'desh will make S Asia hub for apparel innovations'  • Nepal's economy not like Sri Lanka's, but can go that way: Former central bank Guv  • 'Time to move from 'Volume' to 'Value' leadership in Pharma market'  • Ola Electric slips to 4th spot as EV registrations fall amid fire fears  • T.Raja Kumar takes over as FATF chief 
Last updated: 21 May, 2022  

Nirmala Sitharaman THMB Excise duty cut on petrol, diesel

Nirmala Sitharaman
   Top Stories
» 'Time to move from 'Volume' to 'Value' leadership in Pharma market'
» Large borrowers' loan accounts and bad loans decline: RBI
» Kharif 2022: Rice, oil seeds sowing less, pulses, coarse cereals more over 2021
» RBI hits hard on Bitcoin, DeFi, crypto trading platforms
» Import duty on gold increased, may not impact demand
SME Times News Bureau | 21 May, 2022
Amidst rising energy prices and inflation, the Central excise duty on petrol has been cut by Rs 8 per litre and on diesel by Rs 6 per litre, reducing the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre, Union Finance Minister Nirmala Sitharaman said.

"Today, the world is passing through difficult times. Even as the world is recovering from Covid-19 pandemic, the Ukraine conflict has brought in supply chain problems and shortages of various goods. This is resulting in inflation & economic distress in a lot of countries," she said in a series of tweets.

The duty cut will have revenue implication of around Rs 1 lakh crore per year for the government.

Sitharaman went on say that despite the challenging international situation, the government has ensured that there are no shortages or scarcity of essential goods. Even a few developed countries couldn't escape some shortages or disruptions, she added.

The government is committed to ensuring that prices of essential items are kept under control, she said.

She said: "I wish to exhort all state governments, especially the states where reduction wasn't done during the last round (November 2021), to also implement a similar cut and give relief to the common man."

In yet another major move, the government has decided that this year it will give a subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana.

"This will help our mothers and sisters. This will have a revenue implication of around Rs 6,100 crore a year."

Further, it is also reducing the customs duty on raw materials and intermediaries for plastic products where the country's import dependence is high. It will result in reduction of cost of final products.

A notification with specific details on all these mention moves will be issued by the Centre within the next hours.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 04 Jul, 2022
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» China's forex reserves reach USD 2.85 trillion(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter