Excise duty hiked on Petrol & High Speed Diesel … again
THE Central Government has again increased the Excise duty on Motor Spirit (Petrol) & High Speed Diesel by Rs.2.25 & Rs.1.00 per litre respectively.
It was almost three weeks ago that the duty rates were increased. In fact, the above measure is only to counter balance the reduction in international crude oil prices so that nothing flows to the oil companies but to the Government as excise duty collection is already down like never before.
Analysts say that the oil glut would continue as the members of the Organisation of the Petroleum Exporting Countries (OPEC) have decided not to cut production and this could have a profound effect on the global economy.
Interestingly, on Monday, 1st December, the oil marketing companies had cut petrol prices by 91 paise a litre, the seventh reduction since August, and on diesel by 84 paise per litre.
All this has been achieved by amending Notification 12/2012-CE. 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 from | Rate w.e.f 02.12.2014 | 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.2.70 per litre Rs.3.85 per litre | Rs.4.95 per litre Rs.6.10 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.2.96 per litre Rs.5.25 per litre | Rs.3.96 per litre Rs.6.25 per litre | - - |
When this news was flashed by PTI in the afternoon we started receiving calls seeking the notification details. We could not give it as we had not received it. Even the CBEC website did not have it then.
Shouldn't the Government arms also be quick with the notification part and not merely the news part?
Notification Dated: December 2, 2014