Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali.

Excise duty on Petrol and Diesel to be reduced by Rs. 5 and Rs. 10 respectively from tomorrow.

Prices of Petrol and Diesel will come down accordingly.

Reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season.

States urged to reduce VAT on Petrol & Diesel to give relief to consumers.

Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively from tomorrow. Prices of petrol & diesel will thus come down accordingly.

The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.

Custom Duty Notifications Circulars

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.

Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity.

To give a further fillip to the economy, 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. Today’s decision is expected to further spur the overall economic cycle.

States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers.

*****

Government of India
Ministry of Finance
(Department Of Revenue)
New Delhi

Notification No. 52/2021-Customs | Dated: 3rd November, 2021

G.S.R.781(E). – In exercise of the powers conferred by section 111 of Finance Act, 2018 (13 of 2018), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministryof Finance (Department of Revenue), No. 18/2019-Customs, dated the 6th July, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 475 (E), dated the 6th July, 2019, namely:‑

In the said notification, in the Table‑

(i) against SI. No. 1, for the entry in column (4), the entry “Rs. 13 per litre” shall besubstituted;

(ii) against SI. No. 2, for the entry in column (4), the entry “Rs. 8 per litre” shall besubstituted.

2. This notification shall come into force with effect from the 4th November, 2021.

[F. No. 354/72/2021–TRU]

(Gaurav Singh)

Deputy Secretary to the Government of India

Note. – The principal notification No. 18/2019-Customs, dated the 6th July, 2019 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number 475(E), dated the 6th July, 2019 and last amended vide notification No. 21/2020-Customs, dated the 5th May,2020, vide number G.S.R. 277(E), dated 5th May,2020.

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Telegram

taxguru on telegram TELEGRAM GROUP LINK

More Under Custom Duty

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031