Customs and Excise Duties reduction for petro

By Vijay Kumar

Petroleum Crude will now be charged to nil rate of Customs duty instead of 5%. Petrol and HSD will attract a 2.5% Customs Duty instead of 7.5% as of now. Other Petro product will attract a 5% Customs duty.

There is a one rupee reduction in excise duty on unbranded petrol and HSD. There is no change in the rates of duty for branded petrol and HSD.

The Revenue loss is expected to be around 23,000 Crores!

Maybe it's time we plan to reduce the use of petrol and petro products. How long can the Government and PSU oil companies subsidise petro prices? It would be a good beginning to start with from today which is celebrated worldwide as “World Environment Day.

Notification No. 74/2008- Cus and 30/2008- CX. Dated the June 4, 2008