NEW DELHI: Finance Minister Nirmala Sitharaman on Sunday rebutted the Opposition’s criticism of excise duty cut impacting share of states in central taxes, saying the Rs 8 a litre cut in petrol and Rs 6 reduction in diesel have been done in road and infrastructure cess levied on the two fuels, collection on which was never shared with states.
Petrol price on Sunday was slashed by Rs 8.69 a litre and diesel by Rs 7.05 per litre following the government cutting excise duty on auto fuels to give relief to consumers battered by high fuel prices that has also pushed inflation to record high.
First, former union finance minister P Chidambaram and then other Opposition leaders stated that the reduction in excise duty announced on Saturday evening would reduce the share of states in central taxes.
Chidambaram on Sunday retracted his statement saying the cut in the levies accrues to the central government alone.
Taking to Twitter, Sitharaman said she is sharing some useful facts on levies on petrol and diesel for the benefit of all.
“Basic Excise Duty (BED), Special Additional Excise duty (SAED),Road & Infrastructure Cess (RIC) and Agriculture & Infrastructure Development Cess (AIDC) together constitute Excise Duty on petrol and diesel. Basic ED is sharable with states. SAED,RIC & AIDC are non-sharable,” she said.
This story is from the May 23, 2022 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 23, 2022 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Rivalries on tap with Barcelona-Chelsea and Lyon-PSG in Women’s Champions League SI's
Chelsea and PSG have never won the Champions League or UEFA Cup
PE/VC investnents fall marginally in March quarter of FY24: Report
Investments by private equity and venture capital funds have declined by 1 per cent year-on-year to 13.5 billion in the March 2024 quarter, according to a report.
RBI: Need to preserve success on inflation control on durable basis
According to the minutes, RBI Governor Shaktikanta Das said the economic growth prospects of Indian economy in 2024-25 look bright
India a standout performer amidst sluggish global growth: Seth to WB committee
‘India grew above 8% for three consecutive quarters of FY24, reaffirming its position as a standout performer amidst sluggish global growth trends’
Election year: IMF applauds India for maintaining fiscal discipline
The International Monetary Fund has applauded India for maintaining fiscal discipline in an election year, saying that the Indian economy is doing well and continues to be the world’s bright spot.
CCPA asks FSSAI to probe Nestle Cerelac baby cereals’ composition
‘As per news reports, a Switzerland-based organisation has published areport highlighting Nestle’s manufacturing practices in India’
3 dead amid heavy flooding caused by record rain in UAE
More people living near an erupting volcano on Indonesia's Sulawesi Island were evacuated on Friday due to the dangers of spreading ash, falling rocks, hot volcanic clouds and the possibility of a tsunami.
12 jurors have been picked for Trump's hush money trial
A jury of 12 people was seated Thursday in former President Donald Trump’s hush money trial in New York, and the court quickly turned to selecting alternate jurors.
G7 warns of new sanctions against Iran
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
Termination of services without disciplinary enquiry breaches justice principles, rules SC
The respondents argued that the appellant’s appointment was invalid due to insufficient qualifications and therefore justified the termination’