Central Govt. Raises Excise Duty on Petrol by Rs.10 and on Diesel by Rs.13 Per Litre
Covid19 Crisis taking a toll Globally and The world surge to undergone lock down due to this Pandemic situation. Corona Virus threat left the world every thing in uncertain.
The Coronavirus crisis effected the Crude Oil Prices Internationally. There is a Steep decline in Crude Oil prices due to less demand. Beacuse of global lockdown situation made the decline in demand of Crude Oil in National and International Markets.
This can make a big diifference on Indian Market, becuase of Crude oil downfall will lead to less the Ptrol and Diesel prices in India. People always look into Petrol and Diesel prices Constantly Increasing compared to last 30 – 40 Years. Where in the International market and many countries the Petrol and diesel prices are very cheap.
Always this can make a big difference in people mind that there is no downfall Petrol and Diesel prices in India compared to other markets and neighbour countries surrounded by India.
Now in the International Market Crude Oil downfall doesn’t help to down the prices in India on Petrol and Diesel. The Indian Central Government Rises the Excise Duty on Petrol and Diesel that’s why there is no decline in Price. The Inidan Government want to fill the gap created with Covid19 Lockdown in India.
The Lockdown made no Income and Revenue generation to the central government in India. The Government want to fill the gap by raising Excise Duty on Petrol and Diesel.
The Central Govt. raised the Excise Duty on Petrol by Rs.10 Per Litre and on Diesel by Rs.13 Per Litre. This will generate One Lakh Sixty Crore Thosand Rupees to Indian Government Treasury. In this Way the Indian Government is filling the Treasury indirect Revenue Method.
When Narendra Modi Government formed the Excise Duty on Petrol is Rs.9.50 and Now after Increasing the Cess, it’s reached to Rs.33 Excise Duty on Petrol in India. The Increased Excise Duty on Petrol is Rs.10 divided as that the Excise Duty is Rs.2 and the Vote Cess is Rs.8. Excise Duty is hiked for 2 times after the steep decline of crude Oil in International Market and India too.