New Delhi(21/05/2022): The Centre on Saturday slashed excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively.
This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.
The duty cut will have revenue implication of around Rs 1 lakh crore per year for the government.
In yet another big decision, the Centre has decided that this year it will give a subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to more than 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana.
This will have a revenue implication of around Rs 6,100 crore a year.
Union Finance Minister Nirmala Sitharaman said, “We are also reducing the customs duty on raw materials and intermediaries for plastic products where our import dependence is high.
Import duty on some raw materials of steel will be reduced.
Export duty on some steel products will be levied