The Modi government might have bitten the bullet with diesel and petrol price cut. By reducing excise duty on petrol and diesel by Rs 2 per litre from Wednesday, the government will take an annual hit of Rs 26,000 crore in tax revenue.
Watch Fuel excise duty cut- Is Modi Govt in tight spot? With HD Quality.
The Modi government might have bitten the bullet with diesel and petrol price cut. By reducing excise duty on petrol and diesel by Rs 2 per litre from Wednesday, the government will take an annual hit of Rs 26,000 crore in tax revenue.
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The Indian people have lost all faith in the Modi govt. & how could they not? This govt has done nothing to prove it is competent enough to govern our nation.
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Reduction in excise duty of fuel will have negative impact on fiscal health
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Fuel prices were revised across the country on Saturday, a day after the announcement of additional excise duty and cess of Re 1 per litre on petrol and diesel. In Delhi, petrol is being sold Rs 2.45 higher at Rs 72.96 per litre and diesel at Rs 66.69 per litre after a Rs 2.36 hike. On Friday, Finance Minister Nirmala Sitharaman had announced a hike in cess on auto fuel prices while presenting the Union Budget 2019-20 in Lok Sabha. Sitharaman, who presented the first budget of the new government, had said crude prices have softened from their highs, paving way for her to review excise duty and cess on petrol and diesel.
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