Hyderabad: Union Finance Minister Nirmala Sitharaman on Saturday announced a reduction of Rs 9.5 per litre for petrol and Rs 7 per litre for diesel and a subsidy of Rs 200 per LPG cylinder. Here is what you should know...
- Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre. It will have revenue implication of around ₹ 1 lakh crore/year for the government.
- A subsidy of ₹ 200 per gas cylinder (upto 12 cylinders) to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana will be issued which will have a revenue implication of around ₹ 6100 crore a year.
- Government is also reducing the customs duty on raw materials and intermediaries for plastic products where import dependence is high. This will result in reduction of cost of final products.
- In addition to the fertilizer subsidy of ₹ 1.05 lakh crore in the budget, an additional amount of ₹ 1.10 lakh crore is being provided to further cushion farmers.
- Government is also calibrating customs duty on raw materials and intermediaries for iron and steel to reduce their prices. Import duty on some raw materials of steel will be reduced while export duty on some steel products will be levied.
- Measures are being taken up to improve the availability of Cement and through better logistics to reduce the cost of cement.
Notifications with specific details on all the above will be issued by the Government of India within the next hour, the Minister said.
Also Read: Centre reduces Central excise duty on Petrol by Rs 8, Diesel by Rs 6
