Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The government has hiked <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of <keyword id="20211970" type="General" weightage="20" keywordseo="special-additional-excise-duty" source="keywords">Special Additional Excise Duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>). The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil. The new rates are effective from March 1. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

<ul><li>The <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">auto industry</keyword>’s expectations from the Budget 2024 include FAME 3 scheme, incentives for hybrids and more.</li><li>Here are the key expectations from the auto industry for the Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian auto industry also has set a lot of expectations from the Narendra Modi-led government’s first budget of its third term. From a boost to electric vehicles to infrastructure development, the auto sector has a series of expectations that it hopes will be addressed in the upcoming budget. This article delves into the key budget expectations of the auto industry in India <h2>FAME 3 scheme</h2>The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) has been integral for the electric vehicle (EV) makers as it has helped keep EVs affordable for the common man. With the government<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> reworking</a> the FAME 2 scheme and then<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> ending the scheme</a>, the prices of EVs have increased. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> With Budget 2024, EV makers will look towards the government for the FAME 3 scheme. The government is expected to announce the FAME 3 scheme with an outlay of ₹10,000 crore. While the exact details of the scheme will only be known once the budget is announced, it will be aimed at boosting demand by subsiding the cost, while also promoting local manufacturing of key components. “In the upcoming budget, we advocate for initiatives and subsidy structures without segment caps which will in turn foster innovation and growth across multiple segments. Recent discussions surrounding the implementation of FAME 3 present a notable opportunity to enhance EV adoption in India,” said Niraj Rajmohan, CTO and Co-Founder, Ultraviolette. "Proposed measures to promote e-buses and enhance payment security are crucial for accelerating sustainable transportation. Comprehensive support for the entire EV ecosystem is essential. Anticipated policy reforms like FAME-III and increased funding for critical EV segments will foster holistic industry growth," said Kartikey Hariyani, Founder and CEO, Charge Zone. <h2>Petrol and diesel under GST</h2>One of the frequent demands recently has been to bring petrol and diesel under goods and services tax (GST) to bring the fuel prices under control. Oil Minister Hardeep Singh Puri has said that the government will try to bring petrol and diesel under GST. At present, the central government levies excise duty on petrol and diesel, while the state government imposes value-added tax (VAT) and sales tax. <h2>Incentives for hybrids</h2>While electric vehicles have long been subsidised by both state and central governments, hybrids have not received the same love. Union Minister Nitin Gadkari had earlier this year<a href="https://www.businessinsider.in/business/auto/news/gadkari-vows-to-eliminate-petrol-diesel-vehicles-in-india-bats-for-lower-tax-for-hybrid-cars/articleshow/108936085.cms"> pitched</a> for lower GST on hybrid vehicles. “The proposal to reduce GST on hybrid vehicles to 5% and to 12% for flex engines has been sent to the Finance ministry which is considering the requisition,” Gadkari said. Companies like Maruti Suzuki have a strong presence in hybrids and have a lot to gain from incentives, while companies like Tata Motors who do not have hybrid technology may take a hit on EV sales. With the government looking to reduce dependence on petrol and diesel cars, hybrids may finally get some incentives in the upcoming budget. The UP government has already started offering incentives to select hybrid cars. <h2><keyword id="22433272" type="General" weightage="20" keywordseo="vehicle-scrapping" source="keywords">Vehicle scrapping</keyword></h2>Industry bodies such as the Society of Indian Automobile Manufacturers (SIAM) have sought incentives for vehicle scrapping. These are vehicles that have crossed a certain age and are being scrapped keeping in mind the pollution. While a policy is already in place, the stakeholders are looking for increased incentives, especially for commercial vehicles such as trucks and buses, which account for most of the emissions. <h2>PLI scheme</h2>Automakers are also looking for increased incentives under the Production Linked Incentive (PLI) scheme, for both ICE and EVs. Companies want the scheme to be expanded to more components, including tyres, which have seen a lot of changes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-biggest-ipos-in-indias-history-lic-to-paytm-companies-that-have-raised-the-most-funds/articleshow/111690863.cms">The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds</a> <a href="https://www.businessinsider.in/business/auto/news/its-raining-discounts-maruti-suzuki-hyundai-tata-motors-and-others-offer-discounts-on-cars-as-sales-slowdown/articleshow/111688501.cms">It’s raining discounts – Maruti Suzuki, Hyundai, Tata Motors and others offer discounts on cars as sales slowdown</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a>

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (<keyword id="19942852" type="General" weightage="20" keywordseo="ioc" source="keywords">IOC</keyword>), Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="20" keywordseo="bpcl" source="keywords">BPCL</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>), who control roughly 90% of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower. International oil prices, against which domestic rates are benchmarked as India is 85% dependent on imports to meet its oil needs, had softened late last year but firmed up again in the second half of January. They have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that their past losses haven't been fully recouped. "There are losses on diesel," an industry official said. "It had turned positive but now oil companies are losing close to Rs 3 per litre." He said the profit margin on petrol has trimmed from low teens to around Rs 3-4 a litre. Asked about <keyword id="46996" type="General" weightage="100" keywordseo="fuel-price" source="Orion">fuel price</keyword> revision, Oil Minister Hardeep Singh Puri told reporters on the sidelines of the India Energy Week that the government does not dictate prices and the oil companies take their decision considering all economic aspects. "They say there is still volatility (in the market)," he said. Asked about the bumper Rs 69,000 crore profits that the three firms have clocked in the first nine months of the current fiscal, he said the expectation would be to start price revision if the trend continues in the fourth and last quarter of the current fiscal year ending March 31. "They had losses when they voluntarily decided not to raise prices (despite oil prices going up)," he said. The combined net profit of IOC, BPCL and HPCL in the April-December (first nine months of current fiscal year) was better than their annual earning of Rs 39,356 crore in pre-oil crisis year, regulatory filings by them showed. The firms had posted a combined net loss of Rs 21,201.18 crore during the April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidy helped IOC and BPCL post annualised profit for 2022-23 (April 2022 to March 2023 fiscal) but HPCL was in the red. This fiscal year, things have changed dramatically. The three firms posted record quarterly earnings in the first two quarters (April-June and July-September) when international oil prices - against which domestic rates are benchmarked - almost halved to USD 72 a barrel from a year ago. International prices rose again in the subsequent quarter to USD 90, leading to moderation of their earnings. But, on a year as a whole they had rich profits. The fuel price freeze that began on April 6, 2022, had a loss as high as Rs 17.4 a litre on petrol and Rs 27.7 per litre on diesel for the week ended June 24, 2022. However, subsequent softening led to losses being eliminated. The three firms had a margin of Rs 11 a litre on petrol and Rs 6 on diesel last month. But now things have changed, another industry official explained. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 - climbing to a 14-year high of nearly USD 140 per barrel in March 2022 after Russia invaded Ukraine, before sliding on weaker demand from top importer China and worries of an economic contraction. But for a nation that is 85% dependent on imports, the spike meant adding to already elevated levels of inflation and derailing the economic recovery from the pandemic. So the three fuel retailers froze petrol and diesel prices for the longest duration in the last two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a Rs 10 a litre hike in petrol and diesel prices from mid-March 2022 before another round of excise duty cut rolled back all of the Rs 13 a litre and Rs 16 a litre increase in taxes on petrol and diesel done during the pandemic. That followed the current price freeze that began on April 6, 2022 and still continues.

Oil cos losing close to Rs 3 a litre on diesel, profit on petrol down

<ul><li>The state-run <keyword id="6354737" type="General" weightage="100" keywordseo="ongc" source="Orion">ONGC</keyword> saw its value decline by over 20% in just one week. </li><li>This was a direct result of the government imposing a <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> to cap earnings of oil companies, and also prevent domestic petrol pumps from drying out. </li><li>Analysts say the outlook for the September quarter remains dim and earnings visibility is ‘poor’ for the sector. </li></ul>State-run oil and natural gas explorer ONGC lost a fifth of its value in just a week after the Indian government announced the much-fear windfall tax on petrol and diesel sales. This, with an export tax on refiners, can add as much as $12 billion to the government kitty according to Moody’s. As much as half this came from oil major ONGC, who lost as much as $5 billion in market value, as the tax will eat into its revenues. It’s not the windfall tax but also the windfall itself might be slower in the coming months. “We have seen further sharp fall in oil prices in the last few days and now concern is that this windfall tax may hurt the earnings in the second quarter if they remain as is,” Ashutosh Mishra, head of research, institutional equity at Ashika Group told Business Insider India. This sent the markets into a tizzy, and shares of oil companies cracked. ONGC was amongst the most impacted, losing over a fifth of its value in the last seven days. <div type="image" title="ONGC 01_04_22 to 07_07_22." msid="92721381" hostid="261" sizebytes="20536" caption="&amp;lt;p&amp;gt;ONGC share price since April&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Understanding windfall tax – the why, who and what of it" comment="subhead" text="Understanding windfall tax – the why, who and what of it">Understanding windfall tax – the why, who and what of it</cmsannotation> Windfall tax <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-anil-agarwal-lose-1-17-lakh-crore-in-a-few-hours-as-government-slaps-two-different-oil-taxes/articleshow/92591441.cms">has been implemented to cap the extra earnings that oil companies</a> have made out of exports of petrol and diesel, thanks to the unprecedented rise in crude oil prices. The government wants to mop up these earnings to use it to cross-subsidize its shortfall from excise duty cuts on petrol and diesel <a href="https://www.businessinsider.in/india/news/chidambaram-triggers-state-vs-center-revenue-debate-after-govts-excise-cut-on-fuel/articleshow/91732927.cms">announced in May</a>. The impact of the government’s additional levies is so bad that analysts at HDFC Securities think that ONGC’s earnings for the full year FY23 could decline by 14%.It also cut ONGC’s target price by 16%. This is in spite of the fact that the stock has been pricing in a possible windfall tax and brokerages have been concerned about the the quality of its ageing assets. Last month, JM Financial analysts cut ONGC’s FY23 and FY24 net profit estimates by 8% and 4% respectively t<a href="https://www.businessinsider.in/business/corporates/news/oil-india-doubled-investor-money-in-a-year-while-its-big-sister-ongcs-wells-indicate-a-dry-future/articleshow/92126120.cms">o account for dry wells alone</a>. On the other hand, analysts at IIFL Securities maintained that this won’t have a material impact on ONGC’s earnings, but they also said that the earnings visibility remains ‘poor’ for the oil sector as a whole. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Upside/downside </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹184 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹185 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Sharekhan </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Hold </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹140 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Cool down in crude oil prices also removes arbitrage opportunity for ONGC" comment="subhead" text="Cool down in crude oil prices also removes arbitrage opportunity for ONGC">Cool down in crude oil prices also removes arbitrage opportunity for ONGC</cmsannotation> Another factor weighing down ONGC’s share price is the fact that crude oil prices are cooling down now, on recession fears. From the peak of $127 in March this year, Brent crude is down to $101 now. It also fell below $100 per barrel for the first time in nearly three months, suggesting that the pressures will ease going forward. On the other side, the US and EU contemplating a price cap on Russian oil between $40-60 a barrel could result in prolonging and worsening this crisis – but might also have a material impact on the prices of the world’s most traded commodity. So this cool off will impact the ONGC and the entity which wants to swipe off much of its windfall gains – the Indian government. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/infy-lic-reliance-and-6-more-stocks-that-mutual-funds-are-going-long-on/articleshow/92693363.cms">Infosys is the most favourite mutual fund stock – find out the eight others</a> <a href="https://www.businessinsider.in/business/telecom/news/why-the-govt-should-not-expect-a-bumper-harvest-from-5g-spectrum-auctions/articleshow/92679454.cms">5G spectrum auctions might not see a bidding war as there’s ‘enough’ for everyone</a> <a href="https://www.businessinsider.in/finance/news/inflation-is-making-indian-companies-borrow-more-thats-bad-news-when-interest-rates-are-high/articleshow/92657691.cms">Inflation is making Indian companies borrow more – that's bad news when interest rates are high</a>

Gone with the windfall tax: ONGC loses a fifth of its market value

New Delhi, The government on Tuesday cut special additional excise duty (<keyword id="2978612" type="General" weightage="80" keywordseo="saed" source="Orion">SAED</keyword>) on <keyword id="163117" type="General" weightage="20" keywordseo="crude-petroleum" source="Orion">crude petroleum</keyword> to Rs 9,050/tonne with effect from October 18. In the last fortnightly review on September 29, <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil was set at Rs 12,100/tonne. Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently. The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently. SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.

Govt cuts windfall tax on domestic crude, export of diesel, ATF

The price of petrol in Delhi fell to ₹103.97 a litre at 6 a.m. on Thursday (November 4) and diesel prices fell by a bigger margin to ₹86.67 a litre in the national capital. Petrol prices in Mumbai fell to ₹109.98 a litre from ₹115.85, while diesel fell to ₹94.14 a litre from ₹106.62, which was also the highest among all metros. The Union government in India slashed excise duty rate on both petrol and diesel bringing down the retail prices by ₹5 a litre for petrol and ₹10 for diesel from November 4. Other state governments like Goa and Assam, also ruled by the Bharatiya Janata Party (BJP), the party in power at the Centre, have also followed suit by reducing the state duties as well. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall in petrol price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall in diesel price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6.07 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11.75 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uttar Pradesh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rajasthan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6.8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Karnataka </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maharashtra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5.87 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.48 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹17 </td></tr></tbody><tbody></tbody></table>Source: Agency reports on November 4 Domestic prices of both fuels have touched record highs on the back of a steep rise in crude oil cost. Petrol has already breached the ₹100 per litre mark and above in several cities, whereas, diesel is not far behind. The government had come under criticism for the sharp rise in transport fuels as well as the fears of runaway inflation had become a bother for the Reserve Bank of India (RBI). <div type="image" title="b24914cc2d37edb57f2cc30e04d72697" msid="87516240" hostid="261" caption="&amp;lt;p&amp;gt;FILE PHOTO: A picture of a protest against rise in fuel prices in Kolkata this year.&amp;lt;/p&amp;gt;"></div> Between March and May 2020, the union government had hiked the excise duty on on petrol by ₹13 per litre and ₹16 on diesel, at a time when oil prices had come crashing down. The states had also followed suit with consequent rise in VAT. This gave the exchequer additional cushion to offset the fall in tax revenue as well as to foot the new expenses in the wake of the pandemic. According to the statement from the Ministry of Finance, there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet requirements. "Driven by the enterprising ability of India's aspirational population, the Indian economy has witnessed a remarkable turnaround post the Covid-19 induced slowdown. All sectors of the economy - be it manufacturing, services or agriculture - are experiencing significant upward economic activity. "To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol." With inputs from IANS SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/who-approves-bharat-biotechs-covaxin-for-emergency-use/articleshow/87510108.cms">WHO approves Bharat Biotech’s Covaxin for emergency use after a long wait</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/here-is-why-cleartax-clinched-a-deal-with-the-worlds-most-valued-fintech-company/articleshow/87509691.cms">Here is why Clear(Tax) clinched a deal with the world's most valued fintech company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-strong-financial-performance-of-makemytrip-easemytrip-and-irctc-hints-towards-a-larger-travel-recovery-in-india/articleshow/87503220.cms">The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India</a>

Indian government has cut duties on petrol and diesel and other BJP-ruled states follow suit

<ul><li>The retail sale price of petrol at Bhubaneswar will be Rs 71.69 per litre and diesel Rs 67.73 per litre.</li><li>The collection of additional revenue would be utilised for delivery of services in health, education and other social sectors</li><li>The last revision of VAT on petrol and diesel was made on January 5, 2016 from 23 per cent to 26 per cent.</li></ul>The Odisha government has hiked Value Added Tax (VAT) on petrol from 26 per cent to 32 per cent and on diesel from 26 per cent to 28 per cent with effect from Saturday midnight. A government statement said petrol and diesel across the state will cost more by Rs 3.11 per litre and Rs 1.03 per litre respectively. The retail sale price of petrol at Bhubaneswar will be Rs 71.69 per litre and diesel Rs 67.73 per litre. <div type="Article" hostid="261" msid="75571747" title="For every ₹100 spent on petrol and diesel in India, ₹70 goes towards taxes" mstype="2" mssubtype="0"></div> The collection of additional revenue would be utilised for delivery of services in health, education and other social sectors, the statement said. The Centre is collecting total tax of Rs 32.98 per litre on petrol and Rs 31.83 per litre on diesel, whereas the Odisha government will collect VAT of Rs 16.60 per litre on petrol and Rs 14.34 per litre on diesel after the price revision. The government said that the retail sale price of petrol in Bhubaneswar will be less than most other cities in India and the retail sale price of diesel in Bhubaneswar will be less than or at par with other cities in India after the VAT increase. The last revision of VAT on petrol and diesel was made on January 5, 2016 from 23 per cent to 26 per cent. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/lt-and-godrej-join-like-boeing-and-lockheed-martin-ula-after-biggest-space-reform/articleshow/75778037.cms" data-type="tilCustomLink" target="_blank">"Now, L&amp;T and Godrej can join hands like Boeing and Lockheed Martin’s ULA," says Gateway House scholar cheering India’s 'biggest space reform'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/india-opens-nuclear-energy-for-private-players-but-for-cancer-research-and-consumer-applications/articleshow/75776354.cms">India opens nuclear energy space to private players but for cancer research and other consumer applications only</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/india-increases-fdi-limit-in-defence-manufacturing-and-will-ban-certain-import/articleshow/75775865.cms">India hikes foreign investment limit in defence manufacturing⁠— and it will create a list of banned import</a>

Petrol and diesel get more expensive in Odisha as government hikes value-added tax

<ul><li>The notification, however, clarified that the retail price will not rise and that would mean that the state-owned fuel retailers will have to bear the burden. </li><li>Many states have already hiked value-added tax on fuels this week.</li><li>The hike in duties on fuel will be effective from May 6. </li><li>Fuels like petrol and diesel do not come under the GST in India.</li></ul>India's Central government has decided to hike the <keyword id="875425" type="PERSON" weightage="20" keywordseo="excise-duty-on-petrol">excise duty on petrol</keyword> by ₹10, and on diesel by ₹13, with effect from Wednesday (May 6) to fill the gaping hole in the exchequer left by the COVID-19 pandemic. However, the notification clarified that the retail price of fuels won't rise to avoid hurting the consumer. That would mean that state-owned fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) will end up bearing the cost of additional duties and not be able to pass it on. <table style="width: 131pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:48pt">Stock</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 83pt;">April 30 to May 5</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">BPCL </td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-6%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">IOC</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-6.40%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">HPCL</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.40%</td> </tr></tbody></table> The hike in central excise a day after different states hiked the value-added tax (VAT) on auto fuel to fill up their own coffers. The hike in duty has taken away gains from the fall in global crude oil prices to shore up government revenue at a time when the coronavirus lockdown has brought the economy to a standstill. <div type="Article" hostid="261" msid="75547375" title="HUL CEO had hoped for a V-shaped economic recovery from COVID-19 crisis ⁠— but investors fear a lot worse" mstype="2" mssubtype="0"></div> Fuels like petrol and diesel do not come under the harmonised goods and services tax (GST) in India and therefore both the states and the Centre are free to increase or decrease levies. For instance, the Delhi government has<a href="https://www.indiatoday.in/india/story/delhi-hikes-fuel-prices-petrol-diesel-litre-update-1674509-2020-05-05"> hiked local sales or value-added tax on petrol and diesel.</a> <keyword id="653424" type="PERSON" weightage="20" keywordseo="VAT-on-petrol">VAT on petrol</keyword> was increased to 30% from 27%, previously. In the case of diesel, VAT has been almost doubled to 30% from 16.75%. Recently, <a href="https://www.businessinsider.in/india/news/petrol-and-diesel-prices-rises-in-delhi-as-states-hike-tax-to-cover-coronavirus-cost/articleshow/75548187.cms" data-type="tilCustomLink" target="_blank">Haryana too raised taxes</a> on petrol and diesel by ₹1 and ₹1.1 per litre. Whereas, Tamil Nadu government hiked petrol prices by ₹3.25 litre and diesel by ₹2.50 litre. SEE ALSO: <div type="Article" hostid="261" msid="75554780" title="The COVID-19 crisis has erased the memory of the Yes Bank turmoil in March⁠ — the earnings tomorrow will refresh it" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="75551750" title="Hiring now! Walmart, Dream11, Ola and Icertis – and they need both full-time staff as well as interns" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="75548309" title="The way BHEL is trying to turn the tide is a sign of how India wants to capitalise on US-China tensions" mstype="2" mssubtype="0"></div>

The excise duty on petrol rises by ₹10 and on diesel by ₹13 starting May 6

Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Monday ruled out a cut in excise duty on <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> and diesel to ease prices, which have touched an all-time high, saying payments in lieu of past subsidised fuel pose limitations. Petrol and diesel as well as cooking gas and kerosene were sold at subsidised rates during the previous Congress-led UPA government. Instead of paying for the subsidy to bring parity between the artificially suppressed retail selling price and the cost that had soared because of international rates crossing USD 100 per barrel, the then government issued oil bonds totalling ₹1.34 lakh crore to the state-fuel retailers. These oil bonds and the interest thereon are being paid now. "If I did not have the burden to service the oil bonds, I would have been in a position to reduce excise duty on fuel," she told reporters here. "Previous government have made our job difficult by issuing oil bonds. Even if I want to do something I am paying through my nose for the oil bonds." Sitharaman, who had raised excise duty on petrol and diesel to record high to shore up revenue collections last year, said the interest on oil bonds paid in the last seven years totalled ₹70,195.72 crore. Of the ₹1.34 lakh crore of oil bonds, only ₹3,500 crore of principal has been paid and the remaining ₹1.3 lakh crore is due for repayment between this fiscal and 2025-26, she said. The government has to repay ₹10,000 crore this fiscal year (2021-22). Another ₹31,150 crore is due to be repaid in 2023-24, ₹52,860.17 crore in the following year and ₹36,913 crore in 2025-26. "A significant amount is going for interest payment and principal repayment. What unfair burden on me," she said. "Opening balance in 2014-15 was about ₹1.34 lakh crore and interest repayment was ₹10,255 crore. Since 2015-16, interest burden each year is ₹9,989 crore." The collections from the hike in excise duty far exceed the amount due to be paid to oil companies. Excise duty on petrol was hiked from ₹19.98 per litre to ₹32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. Minister of <keyword id="11871388" type="UNKNOWN" weightage="20" keywordseo="state-for-petroleum-and-natural-gas-rameswar-teli">State for Petroleum and Natural Gas Rameswar Teli</keyword> had last month told <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> that the Union government's tax collections on petrol and diesel jumped by 88 per cent to ₹3.35 lakh crore in the year to March 31 from ₹1.78 lakh crore a year back. Excise collection in pre-pandemic 2018-19 was ₹2.13 lakh crore. The hike in taxes last year did not result in any revision in retail prices as they got adjusted against the reduction that was warranted because of fall in international oil prices. But with the demand returning, international oil prices have soared, which have translated to record high petrol and diesel prices across the country. More than half the country has petrol at over ₹100-a-litre mark and diesel is above that level in Rajasthan, Madhya Pradesh and Odisha. Sitharaman said the Centre has kept open the option of inclusion of petroleum products under the Goods and Services Tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) regime. "Whenever states agree on this, it can be brought under the GST." Inclusion under GST would mean subsuming of excise duty and <keyword id="6370857" type="UNKNOWN" weightage="20" keywordseo="VAT">VAT</keyword> (levied by states) into one tax. This would help contain the cascading impact of tax-on-tax (VAT being levied on excise duty). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-has-surged-more-than-35-in-the-last-month-and-the-race-to-50000-is-being-fueled-by-institutional-interest/articleshow/85371125.cms">Bitcoin has surged more than 35% in the last month and the race to $50,000 is being fueled by institutional interest</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-groups-car-maintenance-wing-mytvs-raises-375-crore-to-expand-its-network-across-india/articleshow/85369398.cms">TVS Group’s car maintenance wing myTVS raises ₹375 crore to expand its network across India</a>

Petrol and diesel prices may not ease anytime soon as Nirmala Sitharaman rules out a cut in excise duty

<keyword id="59783" type="General" weightage="20" keywordseo="jet-fuel" source="Orion">Jet fuel</keyword> (ATF) price was on Thursday reduced by 2.3 per cent, reflecting softening international oil prices but <keyword id="6367091" type="General" weightage="80" keywordseo="petrol" source="Orion">petrol</keyword> and diesel rates remained on freeze for a record eighth month in running. <keyword id="31907" type="General" weightage="20" keywordseo="aviation" source="Orion">Aviation</keyword> Turbine Fuel (ATF) price was cut by Rs 2,775 per kilolitre, or 2.3 per cent, to Rs 1,17,587.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. The rate reduction, which will provide relief to airlines for whom fuel makes for almost 40 per cent of the operating cost, comes on the back of a Rs 4,842.37 per kl, or 4.19 per cent, reduction last month. ATF price is revised on the 1st of every month based on the average rate of international benchmark and foreign exchange rates. Petrol and diesel prices, however, continued to remain on freeze for a record eighth month in a row. Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62. State-owned fuel retailers are supposed to revise petrol and diesel prices daily based on a 15-day rolling average of benchmark international <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword> but they haven't done that since April 6. Prices were last changed on May 22 when the government cut excise duty to give relief to consumers from a spike in retail rates that followed a surge in international oil prices. Also, after seven reductions, the price of commercial LPG, whose rate too is revised on the 1st of every month, remained unchanged on Thursday. A 19-kg commercial LPG cylinder, which is used by hotels, restaurants and other business establishments, continues to cost Rs 1,744 in the national capital. In seven cuts, rates had previously come down by Rs 610 per 19-kg cylinder. However, rate of LPG used in household kitchens remained unchanged at Rs 1,053 per 14.2-kg cylinder. Rates differ from state to state depending on the incidence of local taxes.

ATF price slashed by 2.3 pc to Rs 1.17 lakh per kilolitre

<ul><li><keyword id="45077" type="COMPANY" weightage="20" keywordseo="excise">Excise</keyword> duty on <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> and <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword> was on Saturday hiked by ₹3 per litre</li><li>Special excise duty on petrol was hiked by ₹2 to ₹8 per litre incase of petrol and to Rs 4 incase of diesel, an official notification said.</li></ul>Excise duty on petrol and diesel was on Saturday hiked by ₹3 per litre as the government looked to mop up gains arising from fall in international <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> prices.Special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre incase of petrol and to Rs 4 incase of diesel, an official notification said. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Elements </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Petrol(₹/Litre) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Diesel(₹/Litre) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Base Price </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28.18 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">31.74 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Freight Etc. </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.32 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.29 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price charged to dealers </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28.5 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">32.03 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Additional Excise duty </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">22.98 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">18.83 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Additional Dealer commission </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.54 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.49 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Additional VAT (including VAT on dealer commission) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">14.85 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.23 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Retail Selling Price </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">69.87 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">62.58 </td></tr></tbody></table>*Price Breakup in Delhi as of March 14 2020 Additionally, road cess on petrol was raised by Rs 1 per litre each on petrol and diesel to ₹10. The increase in excise duty would in normal course result in a hike in petrol and diesel prices but most of it would be adjusted against the fall in rates that would have necessitated because of slump in international oil prices. ANZ KJ

Breakup of Petrol and Diesel prices after Indian government raise excise duty by ₹3 per litre

(Eds: Adds details) New Delhi, May 5 () The government on Tuesday evening hiked excise duty by a record Rs 10 per litre on petrol and Rs 13 per litre on diesel to garner Rs 1.6 lakh crore additional revenue as it repeated its time-tested formula of not passing on gains arising from a slump in international oil prices. Retail prices of petrol and diesel will not be impacted by the tax changes as state-owned oil firms will adjust them against the recent fall in oil prices, industry officials said. According to a notification issued by the Central Board of Indirect Taxes and Customs, special additional excise duty on petrol has been hiked by Rs 2 per litre and road cess has been hiked by Rs 8 a litre. In case of diesel, special additional excise duty has been hiked by Rs 5 per litre and road cess has been raised by Rs 8 a litre. With this, the total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83. The tax on petrol was Rs 9.48 per litre when the Modi government took office in 2014 and that on diesel was Rs 3.56 a litre. This is the second time since March that the government has hiked excise duty to mop up gains arising from fall in international oil prices. It had raised excise duty on petrol and diesel by Rs 3 per litre each in March to garner about Rs 39,000 crore. Petrol and diesel prices have not been revised since March 16 despite international oil prices falling to a two-decade low. The gains will now be adjusted against the excise duty hike. Petrol costs Rs 71.26 a litre in Delhi and a litre of diesel comes for Rs 69.39. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But it raised excise duty by Rs 2 per litre in July 2019. Government sources said the Centre has taken this step of increasing duty to raise some revenue in view of a tight fiscal situation. This would help in generating the resources to meet the expense of coronavirus fight. ANZ MRMR

You Searched For "excise duty on petrol and diesel" and got 13 results

India slashes windfall tax on crude petroleum

ANI

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

PTI

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

Sourabh Jain

Oil cos losing close to Rs 3 a litre on diesel, profit on petrol down

PTI

Gone with the windfall tax: ONGC loses a fifth of its market value

Rounak Jain

Govt cuts windfall tax on domestic crude, export of diesel, ATF

PTI

Indian government has cut duties on petrol and diesel and other BJP-ruled states follow suit

BI India Bureau

Petrol and diesel get more expensive in Odisha as government hikes value-added tax

IANS

The excise duty on petrol rises by ₹10 and on diesel by ₹13 starting May 6

Sriram Iyer

Petrol and diesel prices may not ease anytime soon as Nirmala Sitharaman rules out a cut in excise duty

PTI

ATF price slashed by 2.3 pc to Rs 1.17 lakh per kilolitre

PTI

Breakup of Petrol and Diesel prices after Indian government raise excise duty by ₹3 per litre

PTI

Govt hikes excise duty on petrol by record Rs 10, diesel by Rs 13

PTI

Popular Keywords

Buying Guides