With effect from 25th June, 2011, the Central Government has reduced basic customs duties on crude from 5% to Nil, on petrol and diesel from 7.5% to 2.5% and on other petroleum products from 10% to 5%. Similarly, the basic excise duty on diesel has been reduced to Nil from Rs. 2 per litre.
The custom and excise duties realized from petroleum crude and products during the last three years are as under:
|
Revenue realized from Petroleum crude and products (Rs. In crore) |
|||
| 2008-09 | 2009-10 | 2010-11 | |
| Customs duty | 11174 | 7755 | 26281 |
| Central excise duty | 59383 | 64012 | 76546 |
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