Central Government cut excise duty

Central Government cut excise duty

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Central Government cut excise duty”

The central government has declared a record Rs 8 per litre cut in excise duty on petrol and Rs 6 per liter cut on diesel.

New rates of fuel:

Petrol price on Sunday was cut down by Rs 8.69 a litre and diesel by Rs 7.05 per litre following the government cutting excise duty on auto fuels to contribute relief to consumers beaten-up by high fuel prices that has also forced inflation to record high.

The excise duty cut will affect into a reduction of Rs 8.69 a litre on petrol and Rs 7.05 per litre in diesel after taking into account its impact on other levies.

Petrol prices in the national capital now are Rs 96.72 a litre as against Rs 105.41 previously. Diesel is now set at Rs 89.62 per litre as against to Rs 96.67 earlier.

Rates of petrol and diesel are varies from state to state depending on incidence of local taxes such as VAT.

Subsidy under Ujjwala Scheme:

Finance Minister Nirmala Sitharaman had also declared that the government is willing to provide Rs 200 per cylinder subsidy to the poor who got cooking gas connection under the Ujjwala scheme.

The burden on central government will be Rs 6,100 crore on Rs 200 subsidy.

The excise duty raises of 2020 had taken central taxes on petrol to their highest level of Rs 32.9 per litre and that on diesel to Rs 31.8 a litre.

She urged all state governments to also cut local sales tax or VAT.

Funds used for Cutting excise duty:

The government had between November 2014 and January 2016 upraised excise duty on petrol and diesel on nine occasions to take away gains arising from sharply dropping global oil prices.

In all, duty on petrol rate was increased by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that assisted government’s excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

 

Question & Answer:

Q1. Central government cuts excise duty on petrol and diesel by how many rupees respectively?

Ans. Petrol by Rs.8 and Diesel by Rs.6

Q2. How many rupees burden will be on centre government by giving subsidy on cylinder?

Ans. Rs. 6100 crore

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