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)
|Central excise duty||59383||64012||76546|