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Production Tax on Petrol & Diesel up
Posted on: 31/Jan/2016 7:27:56 PM
With the continuous trend of falling prices of crude oil in the international market, the prices of petrol & diesel are coming down in our country as well. Utilising this avenue, the central government regularly resorts to the custom of raising the production Tax on petrol & diesel.
With the budget presentation in the parliament scheduled in a few weeks, the central government announced yesterday the increased Production Tax by Rs.1/- for petrol and Rs.1.50 for diesel.
The department of Kalal & Toll taxes explained that the basic production Tax on petrol has been increased from Rs. 8.48 to Rs. 9.48. The basic Production Tax on diesel is increased from Rs. 9.83 to Rs. 11.33.
This is the 3rd increase effected in the month of January. With this additional production tax, the central government will earn an additional revenue of Rs. 3200 Crores.
However, it is believed that the retail; rates of petrol & diesel will not be affected by this announcement.
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