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Thursday, October 4, 2018

Government announces excise duty cut of Rs. 2.5 per litre on fuels.

Government announces excise duty cut of Rs. 2.5 per litre on fuels.
After the rising prices of petrol and diesel, the government has given relief. The Central Government has reduced excise duty of 1.5 rupees on petrol and diesel. After this, petrol, diesel will be cheaper up to two and a half rupees. Oil companies will also get relief in this relief and they will reduce the cost of petrol and diesel by 1 rupee. Today Finance Minister Arun Jaitley has announced this in a press conference.

Lowering excise duty will increase the additional burden of Rs 10,500 crore this year on the government.
Apart from this, the Finance Minister says that if the state reduces VAT on petrol, diesel then customers can get relief of up to Rs 5 per liter on fuel. The oil situation in the international market is very volatile and the oil prices are constantly rising in the global market. Because of this, the government has taken this decision to provide relief to the people at home.