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  • DAILY CURRENT AFFAIRS:Center to bear Rs 2.2 lakh crore loss due to tax cut on petrol and diesel: Nirmala Sitharaman

Center to bear Rs 2.2 lakh crore loss due to tax cut on petrol and diesel: Nirmala Sitharaman

Tags: Economy/Finance

The Union Finance Minister Nirmala Sitharaman has said that duty cuts on petrol and diesel announced by the Central government in November 2021 and on 21 May 2022 will be entirely borne by the Central Government.

  •  The Finance Minister has announced an excise duty reduction of ₹ 8/litre on petrol and ₹6/litre on diesel on 21 May 2022, which came into effect on 23 May 2022 and the reduction of ₹ 5/litre in petrol and ₹ 10/litre in diesel in November 2021 has been made in the Road & Infrastructure Cess (RIC). 
  • Revenue from the roads and infrastructure cess is not shared with the states.
  • The duty reduction announced by the government in November 2021 and 2 May 2022 is expected to cost the Central government Rs 2.2 lakh crore in lost revenue.
  • After the announcement of the duty cut the former Finance Minister P. Chidambaram has said that the reducing central levies on auto fuels would proportionately shrink the states’ share in the central divisible pool, where 41% of the collected revenue goes to them leading to a heavy loss in revenue of the state government.
  • The State government levy Value Added Tax (VAT) on petrol and diesel.
  • Nirmala Sitharaman said that the government has not reduced excise duty on diesel and petrol, the revenue of which is shared between the Center and the State.
  • Excise duty is levied on goods at the time of their manufacturing.
  • The Central Excise Duty has four components — Basic Excise Duty (BED), Special Additional Excise duty (SAED), Road & Infrastructure Cess (RIC) and Agriculture & Infrastructure Development Cess (AIDC). Basic Excise Duty is shareable with the States, while the other three are not.   

Petroleum products are not under the Goods and Service Tax (GST) regime.

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