Tripura News Live

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Petrol price slashed by Rs 9.5 per litre, diesel by Rs 7 per litre as Modi govt cuts central excise duty

Finance Minister Nirmala Sitharaman said the excise duty reduction of 8 rupees per litre on petrol and 6 rupees per litre on diesel has entirely been made in Road and Infrastructure Cess, RIC.

In a series of tweets, Ms Sitharaman said that even in November last year, the reduction of 5 rupees per litre in petrol and 10 rupees per litre in diesel was entirely made in RIC. Basic Excise Duty, Special Additional Excise duty, Road and Infrastructure Cess and Agriculture and Infrastructure Development Cess together constitute Excise Duty on petrol and diesel. She said Basic Excise Duty is sharable with states and Special Additional Excise duty, Road and Infrastructure Cess and Agriculture and Infrastructure Development Cess are non-sharable.

The Finance Minister stressed that Basic ED which is sharable with states has not been touched. She said that therefore, the entire burden of these two duty cuts made in November last year and yesterday is borne by the Centre. The duty reduction made yesterday has an implication of one lakh crore rupees a year for Centre. The duty reduction made in November last year has an implication of 1 lakh 20 thousand crore rupees a year for Centre. Total revenue implication to Centre, on these two duty cuts is 2 lakh 20 thousand crore rupees a year.

Ms Sitharaman said RBI data shows total developmental expenditure incurred by the Narendra Modi government during 2014 to 2022 was 90.9 lakh crore rupees. She added that in contrast, only 49.2 lakh crore rupees was spent on developmental expenditure during 2004 to 2014. The Minister asserted that the expenditure incurred by NDA government includes 24.85 lakh crore rupees spent so far on food, fuel and fertiliser subsidies and 26.3 lakh crore rupees on capital creation. She pointed out that over the 10 years of UPA, only 13.9 lakh crore rupees was spent on subsidies.

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