Petrol and diesel will soon be cheap. It is reported that the Finance Ministry is planning to reduce excise duty on both of them. However, there has been no increase in the prices of petrol and diesel for the last three days.
Prices may decrease till 15 March
It is reported that a decision can be taken to reduce the tax by 15 March. According to government sources, it will be decided soon. In the last 10 months, the price of crude oil has doubled. Similarly, the price of petrol and diesel in the country is currently above the average of 92 rupees and 86 rupees. In some cities, petrol is beyond 100 rupees. In such a situation, the government can reduce excise duty due to increasing pressure from all around.
Centers levy excise duty and state VAT
The central government levies excise duty on petrol and diesel, while state governments levy VAT. In the last two to three days, government officials and corporate have demanded to reduce the tax. A few days ago, MP Subramanian Swamy criticized it by saying that Ram's petrol in India is 93 rupees while Ravana's rupee is 51 rupees in Lanka and Sita's rupees 53 in Nepal.
Petroleum should be brought to GST
On Monday, the government's Chief Economic Advisor KV Subramaniam said that the petroleum product should be brought to the GST. Petrol and diesel prices in India are double taxed. The central government has increased excise duty twice in the last 12 months. The government is focusing on increasing revenue itself rather than giving people the benefit of falling crude oil prices.
Discussions are being held with the states
The finance ministry is also discussing with some states to reduce the tax. However, several states including Punjab, Bengal, and Assam have recently reduced taxes on petroleum products. Assembly elections are coming in these states. The central government feels that higher prices of petroleum products may work against them in elections. Finance Minister Nirmala Sitharaman recently said that we cannot say how long the tax will come down, but we are talking to the states about it.
5.56 Lakh Crore Revenue Received
In the financial year ended 31 March 2020, the central and state government had generated revenue of Rs 5.56 lakh crore from the petroleum sector. While between April and December 2020, revenue of 4.21 lakh crore rupees has been achieved. This has happened when the demand for petroleum was low.
Paris Olympics Day 7: Manu reached the final, Lakshya won the quarter-final, India won in hockey
The seventh day of the Paris Olympics was also special for India. Manu Bhaker entered the final of the 25m pistol and moved towards a hat-trick of medals. In badminton, Lakshya Sen entered the
'INDIA' vs ECI: 'No permission sought yet', police on opposition alliance's march from Parliament to Election Commission
On the India Block March from Parliament to the Election Commission, the Delhi Police has said that no permission has been sought for the march yet. The India Alliance of opposition parties is going
Flight Accident: Chaos on Hawaiian Airlines flight, 11 passengers seriously injured
At least a dozen people were seriously injured after a crash aboard a flight from Phoenix to Honolulu. The plane was about 30 minutes from Honolulu when the incident happened. Honolulu Emergency
More than 350 rivers in India are moaning due to pollution, lessons should be learned from traveling to the Thames River in London
According to the Central Pollution Control Board, more than three and a half hundred rivers in the country are moaning due to pollution. The aquatic ecosystem of many rivers is on the verge of
CM Yogi In Gorakhpur: CM Yogi Adityanath did Rudrabhishek in Gorakhnath temple, planted Harishankari saplings
Chief Minister Yogi Adityanath, who came to Gorakhpur on a four-day tour, wished for public welfare by performing Rudrabhishek at Gorakhnath temple on Monday morning. Along with this, on the occasion
Price Hike: Prices of essential commodities increased by 14% in a year, rise in prices of other goods including milk, oil, salt
Retail inflation may have reached an 11-month low of 5.88 percent in Monday's figures, but prices of essential commodities have gone up by 14 percent in the last year. According to consumer ministry
Altitude of 15 thousand feet, temperature below zero; ITBP personnel are guarding on ice like this
The borders of the country are safe because our brave soldiers are guarding the borders between day and night, storm, rain, and snowfall. Whatever the circumstances, they are guarding the boundaries.
No Confidence Motion: NDA's ally turned opponent! Mizo National Front will support the opposition's no-confidence motion
The ruling Mizo National Front (MNF), an ally of the North East Democratic Alliance (NEDA) in Mizoram, will support the no-confidence motion against the Modi government at the Centre. This information
3 claims of scientists on Corona: Will 50 thousand patients increase everyday in the country, when will Covid-19 end?
The number of people getting infected with a corona in the country is increasing rapidly. In the last five days, 49 thousand 970 people have been found Covid positive. The number of active patients
Finance Ministry: Center released two installments of tax transfer to the states, know who got how much amount?
The central government has released Rs 1,16,665 crore to the states in two installments of tax devolution. The central government has released 2 installments of tax devolution of Rs 1,16,665 crore to
