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Tuesday
August 2020
12:14 AM IST
News Headlines
NIA arrests six more people and conducts searches at 6 places in Kerala gold smuggling case        Union Minister observes fast as BJP seeks to step up pressure on Ker govt in gold smuggling case        Kerala crosses 25,000 COVID-19 cases as 1,169 test positive        Heavy rains forecast in Kerala this week; Low pressure likely in Bay of Bengal        Shah tests +ve for COVID-19, admitted to Medanta hospital in Gurugram        International passengers with negative COVID-19 test report can skip institutional quarantine: Govt        High time Mehbooba Mufti is released, says Rahul Gandhi        Death toll in Punjab spurious liquor tragedy rises to 104        Trump Says Federal Government Should Seek Death Penalty For Boston Bomber        Khamenei''s top aide praises Turkey''s Hagia Sophia move        IPL GC Meet: Final on Nov 10, Chinese sponsors intact, COVID replacements allowed        2nd ODI: Bairstow, Rashid shine in England''s 4-wicket win over Ireland        Kerala''s COVID-19 tally inching towards 25,000 mark, 1129 ccases, death toll climbs to 82        Kerala police SI dies of COVID-19; first from the force to succumb to the virus        If high command forgives rebels, I will welcome them back: Gehlot        Former SP leader and Rajya Sabha MP Amar Singh dies at 64        Wild fire: 200 homes evacuated in Southern California        Emirati nuclear plant successfully starts up first reactor        Ready to push for continued advancement of China-Nepal ties: Xi        Some 17,000 people hit streets of Berlin to protest COVID-19 measures        
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Business News
Govt amends law to get powers to raise excise duty on petrol, diesel by Rs 8/litre in future
 
New Delhi: The government on Monday amended the law to get enabling powers to raise excise duty on petrol and diesel by Rs 8 per litre each in future.

Finance Minister Nirmala Sitharaman moved an amendment to the Finance Bill, 2020, to raise the limit up to which the government can raise special excise duty on petrol and diesel to Rs 18 per litre and Rs 12, respectively.

The amendment along with the Finance Bill was passed without a debate in the Lok Sabha.

The government had on March 14 raised excise duty on petrol and diesel by Rs 3 per litre each to raise an additional Rs 39,000 crore in revenue annually. This duty hike included Rs 2 a litre increase in special additional excise duty and Re 1 in road and infrastructure cess.

This hike took the special additional excise duty to maximum permissible in law -- Rs 10 in case of petrol and Rs 4 in case of diesel.

Now, through an amendment of the Eighth Schedule of the Finance Act, this limit has been increased to Rs 18 per litre in case of petrol and Rs 12 in case of diesel.

This is an enabling provision and no change in excise duty is being done as of now, an official said.

The amendment gives powers to the government to raise the duty by up to Rs 8 per litre in petrol and diesel at any time it wishes.


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