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Reduction of Taxes on Petro-Products

Posted on 06 September 2011,    
 2610    Share  Report

 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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