By: Eastern Eye Staff
The Government of India has reduced the basic excise duty rate on petrol and diesel (both branded and unbranded) by Rs 2 per litre. The announcement, which was made by the finance ministry on Twitter, will take effect on October 4. The finance ministry also said that the move has been done to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on their retail sale prices. “Revenue loss on a/c of these reductions in excise duty is about Rs. 26,000 crore in full year and Rs 13,000 crore in remaining part of the current financial year. This decision has also been…
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