Excise Duty on Diesel and Petrol
THE Cabinet Committee on Political Affairs (CCPA) met yesterday under the chairmanship of the Prime Minister to consider the disturbing situation arising out of projected massive under-recoveries of Rs. 1,87,127 crore for the financial year 2012-13 in the wake of high international crude oil prices and sharp depreciation of Indian Rupee against US Dollar.
The CCPA decided to
1. increase the excise duty on diesel by Rs. 1.50
2. reduce the Excise Duty on Petrol by Rs 5.30 per litre.
These changes have come into force from 00.00 hrs of today. CBEC is yet to release the notifications. In any case, the notifications published in their website have no legal force!