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Central Government reduces Excise Duty on Petrol and Diesel on the eve of Diwali - (03 Nov 2021)

Excise

Government of India has taken a significant decision slashing Central Excise Duty on Petrol and Diesel by Rs. 5 and Rs. 10 respectively. Prices of petrol and diesel will thus come down accordingly. States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers. The reduction in excise duty on diesel will be double that of petrol. The massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season. The reduced prices will come into effect from 4th November.

In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.

After suffering the economic slowdown caused by COVID-19 pandemic, the India has witnessed a remarkable boost in economic activity. All sectors of the economy are experiencing a significant upward economic trend. To give a further fillip to the economy and benefit to consumers, the Government of India has decided to significantly reduce the excise duty on diesel and petrol. The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. This decision is expected to further spur the overall economic cycle.

Tags : DUTY   REDUCTION   PETROL AND DIESEL  

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