New Delhi: Modi government has increased the excise duty on petrol and diesel at the rate of three rupees per liter. The government has taken this step on Saturday as part of efforts to benefit from the drop in oil prices internationally. An official notification said that the special excise duty on petrol has been increased by two rupees per liter to eight rupees, while on diesel this duty has been increased by two rupees to four rupees per liter.
Apart from this, the road cess on petrol and diesel has also been increased by Rs 1 per liter to Rs 10.
The increase in excise duty generally results in an increase in the prices of petrol and diesel, but this will be adjusted according to the fall in international rates and will not increase prices.
Before its announcement, petrol is being sold in the capital today at the rate of Rs 70.14 per liter. 75.70 per liter in Mumbai. Kolkata is being sold at Rs 72.70 per liter. Petrol in Chennai is Rs 72.71 per liter. After increasing excise duty and cess, the price of petrol will increase by Rs 3. It has become effective from 12 March 14.
Explain that excise tax or excise duty is a tax that is levied on the production and sale of goods within the country. Now this tax is known as Central Value Added Tax (CENVAT). With its help, more revenue is generated for the government, so that it can be used in public services.
