The NDA Government on Thursday Jan 01,2015 raised excise duty on petrol and diesel by Rs 2 per litre each but retail pump rates will not be increased.
The third excise duty hike since November 2014 will help raise additional Rs 6,000 crore during remaining three months of the current fiscal as the government took advantage of a slump in global oil prices to five-year low to shore up revenue without stoking inflation.
Together with Rs 1.50 a litre excise duty hike effected on both products from November 12,2014 and Rs 2.25 per litre increase in duty on petrol and Re 1 on diesel from December 2, 2014 the government will mop up about Rs 17,000 crore this fiscal to contain fiscal deficit.
The third excise duty hike since November 2014 will help raise additional Rs 6,000 crore during remaining three months of the current fiscal as the government took advantage of a slump in global oil prices to five-year low to shore up revenue without stoking inflation.
Together with Rs 1.50 a litre excise duty hike effected on both products from November 12,2014 and Rs 2.25 per litre increase in duty on petrol and Re 1 on diesel from December 2, 2014 the government will mop up about Rs 17,000 crore this fiscal to contain fiscal deficit.
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