Excise duty hiked on Petrol & High Speed Diesel
THE Central Government has increased the Excise duty on Motor Spirit (Petrol) & High Speed Diesel by Rs.1.50 per litre.
Notification 12/2012-CE has been amended suitably. The relevant entries are as below -
Table
Sl. No. | Chapter or heading or sub-heading or tariff item of the First Schedule | Description of excisable goods | Rate earlier | Rate w.e.f 12.11.2014 | Condition No. |
(1) | (2) | (3) | (4) | (5) | |
70 | 2710 | Motor spirit commonly known as petrol,- (i) intended for sale without a brand name; (ii) other than those specified at (i) | Rs.1.20 per litre Rs.2.35 per litre | Rs.2.70 per litre Rs.3.85 per litre | - - |
71 | 2710 19 30 | High speed diesel (HSD),- (i) intended for sale without a brand name; (ii) other than those specified at (i) | Rs. 1.46 per litre Rs. 3.75 per litre | Rs.2.96 per litre Rs.5.25 per litre | - - |
It seems that benefit of the dipping international crude oil price will not be passed on to the public as the government has raised the duty to keep prices unchanged and at the same time fill its coffers.
After all, it was only a fortnight ago that the petrol and diesel prices came down by almost two and a half rupees and the motorist will not mind the increase in excise duty rates as long as he gets to fill his tank at the same rate.
Notification dated November 12, 2014.