With effect from 25th June, 2011, the Central Government has reduced basic customs duties on crude from 5% to Nil, on petrol and diesel from 7.5% to 2.5% and on other petroleum products from 10% to 5%. Similarly, the basic excise duty on diesel has been reduced to Nil from Rs. 2 per litre.
The custom and excise duties realized from petroleum crude and products during the last three years are as under:
|
Revenue realized from Petroleum crude and products
(Rs. In crore) |
|||
|
|
2008-09 |
2009-10 |
2010-11 |
|
Customs duty |
11174 |
7755 |
26281 |
|
Central excise duty |
59383 |
64012 |
76546 |
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